Trump Again Calls for Powell to Immediately Cut Interest Rates
On August 12, local time, U.S. President Trump posted on the social platform 'Truth Social,' demanding that Federal Reserve Chairman Powell immediately cut interest rates and accusing him of 'always acting too late.' Trump stated that he is considering allowing relevant lawsuits against Powell to proceed.
Trump criticized Powell for 'poor and incompetent' management of the Federal Reserve building construction, claiming the project cost $3 billion, while it should have been a repair project costing around $50 million. He also mentioned that nominating Powell as Federal Reserve Chairman during his first term was 'a wrong choice.'
Trump nominated Powell as Federal Reserve Chairman in 2017, and his term ends in May 2026. For months, Trump has been continuously calling for the Federal Reserve to cut interest rates, stating that the U.S. government is paying hefty interest on its debt. Due to the Federal Reserve's reluctance to lower rates again, Trump has repeatedly criticized Powell, even threatening to remove him from his position, but Powell insists on completing his remaining term.