Trump presses Powell again…“Rates need to be cut”

U.S. President Donald Trump has once again pressed Jerome Powell, Chair of the Fed.

On the 17th (local time), President Trump stated through his social media Truth Social, “Too Late” and “Rates need to be cut.” Previously, President Trump had repeatedly called Chair Powell “Mr. Too Late” (meaning decision-making is always late), pressuring him to lower rates.

Former Fed Board member Kevin Warsh also backed Trump's administration in its pressure on Powell that day. Warsh is being considered as a candidate for the next Fed Chair. In an interview with U.S. CNBC, Warsh said, “The Powell-led Fed has stepped into a policy area beyond its authority,” adding, “A change in Fed leadership is necessary.”