President Donald Trump took shots at the chair of the Federal Reserve after his comments appeared to lead to a drop in the stock market.
Trump lambasted Jerome Powell for announcing Wednesday that the Fed would not be cutting interest rates because of signs of instability in the economy. The president then suggested that Powell should be fired from the position.
‘Fed independence is very widely understood and supported in Washington, in Congress, where it really matters.’
Trump pointed out that the European Central Bank was cutting rates and tagged Powell with a new nickname.
“The ECB is expected to cut interest rates for the 7th time, and yet, ‘Too Late’ Jerome Powell of the Fed, who is always TOO LATE AND WRONG, yesterday issued a report which was another, and typical, complete ‘mess!’ Oil prices are down, groceries (even eggs!) are down, and the USA is getting RICH ON TARIFFS. Too Late should have lowered Interest Rates, like the ECB, long ago, but he should certainly lower them now,” he wrote on Truth Social.
“Powell’s termination cannot come fast enough!” he added.
Powell was first nominated to the position in 2017 by Trump in his first term and was renominated by former…
Read the full article here