President Donald Trump again reiterated his criticism of Fed Chair Jerome Powell as he called for lower interest rates.
In a post on Truth Social Monday morning, Trump claimed, without evidence, that “preemptive cuts” were being called for “by many” now that the economy was facing what he described as “virtually No Inflation.”
However, the economy will still slow, Trump said, “unless Mr. Too Late, a major lower lowers interest rates, NOW.”
“Powell has always been ‘to (sic) late,’ except when it came to the Election period when he lowered in order to help Sleepy Joe Biden, later Kamala, get elected. How did that work out?”
In referencing the slowing economy Trump, appears to be becoming more attuned to the negative shock his tariffs strategy is creating to growth. A growing chorus of Wall Street firms and analysts increasingly foresee the U.S. economy entering a recession, something real-time measures of gross domestic product (GDP) are also showing
While it is true that the rate of inflation has slowed from the 9% high it saw at the height of the pandemic, the measure of price growth most closely observed by the Fed remains above its 2% target and actually accelerated in February.
Though Trump has long criticized Powell, whom he appointed during his first presidential term, the president has ramped up his complaints in recent days. White House economic adviser Kevin Hassett also said last week the administration was “study(ing)” Trump’s options for removing Powell.
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