Posted on 04/17/2025 11:12:49 AM PDT by Miami Rebel
President Donald Trump continued lambasting Federal Reserve Chair Jerome Powell while demanding interest rate cuts on Thursday.
Trump nominated Powell to serve as chair of the board of governors of the Federal Reserve System during his first term in office, and then-President Joe Biden later nominated Powell for a second term.
However, Trump has soured on Powell and wants him out of the job.
In a fiery Truth Social post on Thursday morning, the president declared, "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. Powell’s termination cannot come fast enough!"
The president's latest broadside against Powell came after the Fed chair delivered remarks on Wednesday, during which he discussed the economic and monetary policy outlook.
"So, at the Fed, we are always focused on the dual mandate goals that Congress has given us: Maximum employment and stable prices. Despite heightened uncertainty and downside risks, the U.S. economy is still in a solid position. The labor market is at or near maximum employment. Inflation has come down a great deal, but is still running a bit above our two percent objective," Powell said during his remarks.
He said that the level of tariff hikes that have been announced "is significantly larger than anticipated, and the same is likely to be true of the economic effects, which will include higher inflation and slower growth."
Trump has been applying public pressure on Powell and calling for rate cuts.
In a Truth Social post earlier this month, the president declared, "This would be a PERFECT time for Fed Chairman Jerome Powell to cut Interest Rates. He is always 'late,' but he could now change his image, and quickly. Energy prices are down, Interest Rates are down, Inflation is down, even Eggs are down 69%, and Jobs are UP, all within two months - A BIG WIN for America. CUT INTEREST RATES, JEROME, AND STOP PLAYING POLITICS!"
When Powell was asked last year whether he would resign if Trump asked him to do so, the Fed chair flatly replied, "No."
If Powell could legally be fired, wouldn't he have been fired already? He's got over a year to run on his term.
i don’t think Trump wants to have to fire Powell with all he has going on. but his waiting too long to lower rates might throw us into a recession - so i couldn’t count this possibility out. Powell had a few missteps in #45 term so
not the best track record.
END THE FED!
What a crazy system this country has, it’s a wonder ANYTHING of value ever gets accomplished...and yes I realize it’s as good if not better than almost every other form of government on the planet
The president appoints the board, the board decides the chairman.
Fire enough of the board to replace him, he’s gone.
Yes, tariffs may increase prices but it is not inflationary.
It does not increase the money supply.
“The president appoints the board, the board decides the chairman.
Fire enough of the board to replace him, he’s gone.”
The president, with the advice and consent of the senate, appoints the chairman.
No, the President appoints the Chairman from among the sitting Governors. The Governors do not choose the Chairman.
Both the Chairman and Governors are nominated by the President and approved by the Senate. The Chairman has a four-year term, the governors have 14-year terms.
Is there ANY tradition of the chairman resigning if asked by a new president while his term is ongoing?
None.
The legality of firing a governor or chairman is uncertain, but trying to do so would send rates flying, not because markets love Powell but because the Fed would then be seen as an extension of the White House.
Pronto.
The Federal Reserve is not considered an executive agency. It is an unconstitutional “independent” federal agency. It is supposedly not part of the executive branch and operates outside of its direct control. The Fed is structured to ensure its monetary policy decisions are not subject to political pressures. While the Federal Reserve communicates with the executive branch and Congress, its decisions are made independently to serve the public interest.
Trump should fire all of the governors and appoint new ones.
Powell is actively attempting to sabotage Trump.
In this case I don’t agree with Trump on rate cuts. That little game of gimmie a quick rush always ends very badly in the end. We are from over the damage from the last time. For instance there are finally a few places where someone can make a little more than .01 percent on their savings account. A rate cut will destroy that.
Yep, if anything rates should go up. Holding fast at the current time is fine.
I agree. And I also enjoy getting a roughly 4.5% return on cash.
It was created by Act of Congress one hundred and eleven years ago. How is it unconstitutional?
There is now such thing as an “independent”’agency defined in the constitution. All executive power is supposed to be in the presidents hand. if I remember correctly, two past presidents killed the first two Central banks that America had for financial abuse.
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