Powell says he’s determined to serve out the rest of his term, which runs through spring of 2026. In the picture, Powell departs after speaking at an an Economic Club of Chicago event in Chicago on April 16, 2025.
Vincent Alban/Getty Images North America
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Vincent Alban/Getty Images North America
President Trump has once again criticized Federal Reserve chairman Jerome Powell for not cutting interest rates, despite the challenges posed by Trump’s trade war.
In a social media post, Trump expressed his dissatisfaction with Powell, claiming that the Fed chairman is “always TOO LATE AND WRONG,” and calling for his termination.
Trump’s frustration stems from the European Central Bank’s plans to lower interest rates while the Federal Reserve remains unchanged, a situation exacerbated by Trump’s trade tariffs.
Powell recently warned that Trump’s tariffs could lead to higher prices and slower economic growth, highlighting the challenges faced by the Fed in this economic climate.
“Tariffs are likely to result in a temporary inflation increase,” Powell stated, emphasizing the unpredictability of the situation and the need for caution in adjusting interest rates.
Powell reiterated his commitment to wait for more clarity before considering rate cuts, indicating the central bank’s cautious approach in light of the current economic challenges.
Powell’s determination to complete his term
In response to Trump’s criticisms, Powell affirmed his intention to fulfill his term, which extends until May of the following year.
Despite Trump’s claims of a thriving economy fueled by tariffs, recent data shows a different picture, with rising grocery prices and other economic indicators contradicting Trump’s narrative.
