President Donald Trump on Wednesday reiterated his call for Federal Reserve chairman Jerome Powell to resign, saying the central bank leader should do so immediately.
In a Truth Social post on Wednesday, in the late afternoon, Trump wrote, “‘Too Late’ should resign immediately!!!”
He also linked to a Bloomberg story headlined, “Congress Should investigate Fed Chair, FHSA Head Says.”
Powell was nominated by Trump to lead the Fed during his first administration. Joe Biden, who succeeded Trump as president, nominated him for a second term.
His tenure as Fed chair is set to end May 2026.
Trump has been ramping up pressure on Powell, issuing a call for lower interest rates against the Federal Reserve chair’s continued opposition and calling out the failure of the Fed’s monetary policy.
For instance, earlier this week, he posted: “Jerome ‘Too Late’ Powell, and his entire Board, should be ashamed of themselves for allowing this to happen to the United States.
“They have one of the easiest, yet most prestigious, jobs in America, and they have failed — and continue to do so.
“If they were doing their job properly, our country would be saving trillions of dollars in interest cost.
“The board just sits there and watches, so they are equally to blame. We should be paying 1% interest, or better!”
That post preceded Trump’s signing of a letter to Powell urging him to lower interest rates, White House press secretary Karoline Leavitt told reporters on Monday.
Powell has stated that the Fed’s decision to hold off on dropping interest rates owes much to concerns about the possible impacts of tariffs on inflation, according to CBS News. Reports say he is waiting to see how the Trump tariff policy plays out, and what it ultimately does to the U.S. economy, before making interest rate adjustments. He has specifically said he wants to see longer term impacts, if any, on consumer prices.