Trump Again Mentions Firing Powell: "Rate Cut Would Be the Greatest and Best Thing"

"Why Can't the Fed Board Ignore This Moron?"

U.S. President Donald Trump has once again raised the possibility of dismissing Jerome Powell, Chair of the Federal Reserve (Fed).

On June 20, President Trump wrote on his social networking service, Truth Social, "I don't know why the Fed Board doesn't just ignore this complete moron. Maybe I will have to reconsider whether to fire him."

President Trump argued, "He could have done the greatest and best thing for our country by helping to lower interest rates. If that numbskull reduces the (interest rate) figures to 1-2%, the United States could save $1 trillion a year."

He continued, "I've tried everything. I treated him kindly, I treated him neutrally, and I even acted mean, but kindness and neutrality didn't work," adding, "He is a dumb person and an obvious Trump hater who should never have been in that position."

He also wrote, "But in any case, his (Powell's) term will soon end." Powell's term as chair runs until May next year.

President Trump said, "We basically have no inflation. Our economy is very good, and with massive tariff revenues coming in and factories being built across the country, it will be better than ever before."

President Trump has continued to pressure Chair Powell by calling for a cut in the benchmark interest rate. However, at the Federal Open Market Committee (FOMC) meeting on June 18, the Fed decided to keep the benchmark interest rate at 4.25-4.50%. This marked the fourth consecutive FOMC meeting held since Trump took office in which the Fed chose to keep rates unchanged.

In response, President Trump stated in April that he could dismiss Powell early, but after shockwaves spread through the financial markets, he withdrew the remark and has not mentioned the dismissal issue since.