On Thursday morning, the day after the Federal Reserve voted to leave the benchmark interest rate between 4.25% and 4.5%, President Donald Trump targeted Federal Reserve Chairman Jerome Powell, calling him a “fool who doesn’t have a clue” while adding, “I like him very much!”
“‘Too Late’ Jerome Powell is a FOOL, who doesn’t have a clue. Other than that, I like him very much! Oil and Energy way down, almost all costs (groceries and ‘eggs’) down, virtually NO INFLATION, Tariff Money Pouring Into the U.S. — THE EXACT OPPOSITE OF ‘TOO LATE!’ ENJOY!” Trump wrote on Truth Social.
“Too Late” Jerome Powell is a FOOL, who doesn’t have a clue. Other than that, I like him very much! Oil and Energy way down, almost all costs (groceries and “eggs”) down, virtually NO INFLATION, Tariff Money Pouring Into the U.S. — THE EXACT OPPOSITE OF “TOO LATE!” ENJOY!
From…
— Donald J. Trump Posts From His Truth Social (@TrumpDailyPosts) May 8, 2025
The Fed stated that it doesn’t want to lower interest rates until economic forecasts — which have been in the doldrums since Trump announced his tariff policy — become brighter, adding that the “risks of higher unemployment and higher inflation have risen,” CNBC reported.
“We are always going to do the same thing, which is we are going to use our tools to foster maximum employment and price stability for the benefit of the American people,” Powell — who was initially nominated to his post by Trump in November 2017, then reappointed by President Joe Biden — said. “We are always going to consider only the economic data, the outlook, the balance of risks and that’s it. That’s all we are going to consider.”
In February 2024, Trump said he would not reappoint Powell, whose term ends in May 2026, telling Fox Business Network’s Maria Bartiromo, “It looks to me like he’s trying to lower interest rates for the sake of maybe getting people elected, I don’t know. I think he’s going to do something to probably help the Democrats, I think, if he lowers interest rates.”
In mid-April, Powell told the Economic Club of Chicago, “For the time being, we are well positioned to wait for greater clarity” on the impact of Trump’s policy changes. Trump responded the next day, “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!”
On Sunday, Trump spoke of Powell on “NBC’s “Meet The Press,” saying Powell should lower interest rates, adding, “We are at a perfect time. It’s already late. But he should lower interest rates.”
When host Kristen Welker asked if he would rule out removing Powell, Trump replied, “I get to change him very quickly anyway.”
“You don’t have plans to remove him before 2026 when his time’s up?” Welker pressed.
“No, no, no. That was a total — why would I do that? I get to replace the person in another short period of time,” Trump answered.
