U.S. President Donald Trump has criticized Federal Reserve Chairman Jerome Powell and once again suggested the possibility of firing him.
In a post on his social media platform Truth Social on June 20, Trump wrote, “I don’t know why the Board doesn’t override this Total and Complete Moron! Maybe, just maybe, I’ll have to change my mind about firing him.”
He added, “But regardless, his Term ends shortly!”
Trump claimed, “He could do the biggest and best job for our Country by helping to lower Interest Rates and, if he reduced them to the number they should be, 1% to 2%, that ‘numbskull’ would be saving the United States of America up to 1 Trillion USD per year.”
He continued, stating, “He’s a dumb guy, and an obvious Trump Hater, who should have never been there.”
Trump has consistently pressured Powell to cut interest rates.
However, during the Federal Open Market Committee (FOMC) meeting on June 18, the Fed decided to maintain the interest rate at 4.25-4.50%. This marks the fourth consecutive rate freeze since Trump took office.
In April, Trump stated he might dismiss Powell early. However, after causing turmoil in financial markets, he retracted his statement and has since refrained from mentioning the possibility of firing Powell. Powell’s term is set to end in May of next year.
