US President Donald Trump criticises Fed Chair Jerome Powell
Donald Trump labeled Jerome Powell as “Too Late and Wrong,” accusing him of consistently failing to act in a timely manner.
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08:33 AM IST
US President Donald Trump on Thursday criticised Federal Reserve Chair Jerome Powell, criticising his handling of interest rate policy.
In a post on social media platform Truth Social, Trump questioned the Federal Reserve’s cautious approach under Powell, refering to reports suggesting the European Central Bank (ECB) is expected to implement its seventh interest rate cut.
Trump labeled Powell as “too late and wrong”, accusing him of consistently failing to act in a timely manner.
"Oil prices are down, groceries—even eggs—are down, and the USA is getting rich on tariffs," Trump wrote.
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He argued that current economic indicators justify a reduction in interest rates and that the Federal Reserve should have acted sooner.
"Too Late should have lowered interest rates, like the ECB, long ago, but he should certainly lower them now," he added.
Trump concluded his post by calling for Powell’s removal, stating, “Powell’s termination cannot come fast enough.”
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The development comes at a time when the prospect of trade tariff jitters delaying more reductions in COVID-era interest rates and also coming in the way of growth in the world's largest economy has kept investors on the back foot.
On Thursday, the Dow Jones Industrial Average (DJIA), one of the main American equity benchmarks, tumbled 527.2 points, or 1.3 per cent, to settle at 39,142.2, taking its losses to 1,382.6 points in three consecutive sessions.
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Selling pressure in technology stocks, with NVIDIA, Intel and Alphabet shares falling 1-3 per cent each, weighed on the market in Thursday's trade as investors prepared for a long weekend owing to the Good Friday market holiday the next day.
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