While dismissing the idea of ousting the Fed chief, Trump doubled down on his dissatisfaction with the pace of interest rate cuts, arguing that the central bank’s inaction is weighing on the economy as inflation indicators show signs of moderation.
At the heart of Trump’s frustration is the Fed’s reluctance to lower borrowing costs, which he said is driving up the government’s debt servicing burden. Powell, appointed to a four-year term ending in May 2026, has been the target of the president’s ire in recent weeks.
“We call him ‘Too Late,’ right?” Trump quipped. “Let’s say there was inflation. In a year from now, raise your rates. I don’t mind, raise your rates. I’m all for it. I’ll be the one to be calling you. He’ll be too late for that too.”
Trump’s renewed criticism comes just weeks after the US Supreme Court issued a decision affirming the Federal Reserve’s autonomy from presidential interference. The court described the institution as a “uniquely structured, quasi-private entity,” essentially insulating Powell from any abrupt dismissal.
The ruling follows months of ambiguity about the Fed chair’s standing, stemming from conflicting signals by Trump. Although he indicated in April that Powell’s job was safe, his more recent remarks about appointing a new nominee stirred speculation.