by WorldTribune Staff, April 17, 2025 Real World News
Federal Reserve chair Jerome Powell, during a speech on Wednesday, said the Fed needs to ensure that any increase in prices from tariffs doesn’t result in inflation before interest rates can be lowered.
President Donald Trump argues that the Fed should cut rates to ease the economy’s transition to his tariffs.
Trump wrote in a post to Truth Social:
The ECB (European Central Bank) 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!
President Donald Trump said of Fed chairman Jerome Powell: ‘I’m not happy with him. I let him know it, and if I want him out, he’ll be out of there real fast, believe me.’Powell, whose term expires in May 2026, has said Trump does not have the authority to fire him because it’s “not permitted under the law.”
In the Oval Office later on Thursday, Trump said of Powell: “I’m not happy with him. I let him know it, and if I want him out, he’ll be out of there real fast, believe me.”
Under federal law, members of the Fed’s Board of Governors are appointed for staggered 14-year terms, and the president can remove them only “for cause” — a term generally understood to mean misconduct or malfeasance.
The Trump Administration is currently challenging the constitutionality of similar limits on the president’s authority to fire the heads of other independent agencies.
In an emergency appeal now pending at the Supreme Court, Trump argues he should have unfettered authority to fire the board members of the National Labor Relations Board and the Merit Systems Protection Board.
In his Truth Social post, Trump offered rare praise for the European Central Bank, which cut its key interest rate Thursday from 2.5 percent to 2.25 percent.
“The ECB is expected to cut interest rates for the 7th time,” Trump said before the central bank’s decision, adding that Powell “should have lowered Interest Rates, like the ECB, long ago, but he should certainly lower them now.”
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‘His termination can’t come fast enough’: Trump slams Fed’s Powell, praises European Central Bank added by Editor Two on April 17, 2025
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