April 17, (THEWILL) – Former United States President Donald Trump on Thursday lashed out at Federal Reserve Chair, Jerome Powell, declaring that his “termination cannot come fast enough” after Powell warned that tariffs could drive up inflation.
Speaking on Wednesday, Powell cautioned that Trump’s proposed sweeping tariffs on nearly all trade partners could place the US central bank in a difficult position, forcing it to choose between fighting inflation and addressing unemployment.
“Tariffs are highly likely to generate at least a temporary rise in inflation. Avoiding that outcome will depend on the size of the effects, how long it takes for them to pass through fully to prices, and ultimately, on keeping longer-term inflation expectations well anchored,” Powell said.
His remarks triggered sharp losses on Wall Street, with US financial markets closing lower on Wednesday.
Powell, first appointed as Fed Chair by Trump in 2018 and reappointed by President Joe Biden in 2021, is expected to serve until May 2026.
However, reacting on his Truth Social platform on Thursday, Trump criticised Powell for failing to lower interest rates, comparing him unfavorably to the European Central Bank (ECB).
“The ECB is expected to cut interest rates for the seventh 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!” Trump wrote.
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