#TrumpVsPowell

President of the United States (US) Donald Trump launched an 'attack' on Jerome Powell, Governor of the US Central Bank (The Fed). This was because Powell refused to cut interest rates.

"If I wanted him out, he would be out of there very quickly, believe me," Trump told reporters in the Oval Office, White House, Washington DC, Thursday (April 17, 2025) local time. Meanwhile, on his social media platform, Truth Social, Trump emphasized: "The dismissal of Powell will not be fast enough!" he wrote. This 'attack' was one of Trump's sharpest efforts to undermine the political independence of an institution that has historically been isolated from the influence of the White House to ensure stable economic management. Speaking at the Economic Club of Chicago on Wednesday (April 16, 2025) local time, Powell rejected political interference. He stated that The Fed would base its decisions solely on what is best for the American people. "We will never be influenced by any political pressure, our independence is a legal matter," Powell said, adding that the Governor of The Fed "cannot be removed except for a reason" and that "we serve for a very long time, terms that seem unlimited." However, this did not stop Trump from trying to fire Powell. "I don't think he is doing his job well," Trump said yesterday. He claimed that Powell cut interest rates "too late."