U.S. President Donald Trump is still angry about Federal Reserve Chairman Jerome Powell's refusal to cut interest rates. In a statement on Truth Social on Tuesday, Trump claimed the Fed needs to cut interest rates aggressively—and clearly asserted that he would not stop.

Powell Criticized by Trump for 'Mistake' on Trillion Dollar Interest Rates

"I think it would be great if Jerome Powell resigned," Trump told the press on Monday. "I don’t know if he will do it - but he should. Jerome Powell has caused a lot of bad things for our country." Trump criticized the Federal Reserve for keeping interest rates too high, arguing that the U.S. should have the lowest interest rates in the world.

He criticized the Fed for spending billions on headquarters while mishandling economic policy. Furthermore, Kevin Hassett, one of Trump’s economic advisors, also stated over the weekend that the president might have grounds to fire Powell over this costly renovation. Trump claimed he, along with another economist, accurately predicted the economic recovery, and said that the Fed's advisors were completely wrong.

Trump continued:

"I call him 'Too Late'. He is always too late. Every point costs us $360 billion. Just think about it. We should have been down three points - which is nearly a trillion dollars... Are you telling me he will resign? I hope he does resign. I don’t know if he will resign - but he should. He has caused a lot of bad things for the country."

Essentially, Trump is calling for a rate cut because he views Jerome Powell—and the current high interest rates—as a significant barrier to the booming economy he wants to take credit for. He believes Powell's approach is harming the national economy, and he is looking forward to the economic boost that strong cuts could bring—while still trying to regain control over an institution that he believes is disregarding him.

After considering on Monday, Trump continued to make comments on Truth Social the following day, once again pushing for interest rate cuts, stating:

"The Fed should cut interest rates by 3 points. Inflation is very low. Saving a trillion dollars a year!!!"

Despite Trump's harsh statements, the U.S. central bank shows no signs of changing the federal funds rate. CME Group's FedWatch tool gives a 97.4% chance that the Fed will keep rates unchanged at the meeting on July 30, 2025.