Trump blasts Fed Chair for refusing to lower interest rates, calls for his removal

Trump posted on Truth Social, "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 comment from Trump comes as Powell said on Wednesday that Trump's tariffs are creating a "challenging scenario" for the Fed as inflation has been lowering in the past few months, the New York Post reported. Earlier in April, Trump said that it is the "perfect" time for Powell to cut the interest rates.

The president referenced the European Central Bank (ECB), which decided on Thursday to lower its own interest rates. Lowering of the interest rates would bring good news to those looking to buy homes, as mortgage rates would drop. It would also increase the money supply as businesses would be able to secure more favorable loans, creating more investment opportunities.

On the flip side, Powell has said that the Fed is remaining cautious in order to avoid possible inflation, which may occur if the money supply increases and there is not enough growth in the economy to keep up. The annual inflation rate in March came in at 2.4 percent, which was lower than expected and a drop from the annual 2.8 percent inflation rate seen in February.