President Donald Trump has now reportedly intensified his criticism of Jerome Powell, the chairman of the Federal Reserve, as the stock market continues to decline.
In a post on Truth Social, Trump referred to Powell as a “major loser” and expressed frustration over the Fed’s reluctance to lower interest rates despite falling energy and food prices.
Trump highlighted that many are calling for “preemptive cuts” in interest rates, arguing that with costs trending downward, there should be virtually no inflation.
He noted, “There can almost be no inflation, but there can be a SLOWING of the economy unless Mr. Too Late lowers interest rates, NOW.”
He pointed out that Europe has already lowered rates multiple times, criticizing Powell for being slow to act, especially during the election period when he believes Powell’s decisions favored President Biden.
On the morning of Trump’s post, the Dow Jones Industrial Average opened at 38,906 but quickly fell several hundred points, dropping further after Trump’s remarks.
The stock market’s decline is seen as a direct consequence of Powell’s policies, which Trump has previously condemned, stating that Powell’s “termination cannot come fast enough.”
Last week, Trump accused Powell of failing to support economic growth and indicated that if he were still in office, he would have removed Powell immediately following the latter’s criticism of Trump’s trade policies and his commitment to resist political pressure.
The ongoing market volatility has put pressure on Powell, and Trump’s comments reflect a broader discontent among some Republicans regarding the Fed’s management of the economy.
As the market continues to fluctuate, Trump’s call for decisive action from Powell remains a point of contention.
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