President Donald Trump was torn by Federal Reserve Chairman Jerome Powell on Thursday, citing a report on how the European Central Bank is expected to cut interest rates again, urging him to cut US interest rates now.
“The ECB is expected to cut interest rates for the seventh time, but it is expected to be “too late” Fed Jerome Powell, who is still too late and wrong. Trump posted to social social early Thursday morning.
Trump is scheduled to meet Italian Prime Minister Giorgia Meloni later today.
“Oil prices have fallen, groceries (and eggs too!) are falling, and the US is gaining tariffs, Trump continues.
Stocks fell on Wednesday after Powell warned that Trump’s tariff impacts remained “very uncertain.”
Trump appointed Powell in 2018, and former President Joe Biden reappointed him to another four-year term.
Remember: Trump and other presidents have legal barriers to removing or firing Fed chairs. We need what the American central bank calls “for a cause.”
Ultimately, the Supreme Court was able to have final say on what was worthy of the “cause” of the Fed chair. But the fight will likely be long, but Powell will be able to stay at his job until his term is over.
CNN’s Azinea Bacon contributed a report to this post.