“The ECB is expected to cut interest rates for the 7th time, and yet, ‘Too Late’ Jerome Powell of the Fed, who is always TOO LATE AND WRONG, yesterday issued a report which was another, and typical, complete ‘mess!’ Oil prices are down, groceries (even eggs!) are down, and the USA is getting RICH ON TARIFFS. Too Late should have lowered Interest Rates, like the ECB, long ago, but he should certainly lower them now. Powell’s termination cannot come fast enough!” Trump posted.

Trump appointed Powell to be Fed chairman in 2018 during his first term, and former President Joe Biden appointed him to another term in 2022. The chairman’s term is set to expire in May 2026.

On Wednesday, Powell defended his decision not to cut rates as a response to the uncertainty of Trump’s trade policy.

“My hope is that we’ll get through this and get back what we’re always going to be aiming for: maximum employment and price stability. That’s what we do. I do think we’ll be moving away from those goals, probably for the balance of this year, or at least not making any progress. And then we’ll resume that progress as we can,” Powell said in Chicago.

A recent report from U.S. Customs and Border Protection put the total revenue from tariffs at $21 billion, or about $250 million a day, far below Trump’s estimates of $2 billion a day.

The president and Treasury Secretary Scott Bessent have previously said Powell would serve out the rest of his term without their intervening. Trump told NBC News in December he would not remove Powell before the end of his term, shortly after Powell said such action would be illegal.

Earlier this week, Bessent told Bloomberg TV he was not concerned about Trump attempting to remove Powell early or question the independence of the Fed, hailing it as a “jewel box that’s got to be preserved.”

While Powell has insisted the president cannot remove him from the position ahead of the end of his term, Trump has challenged the protections of independent agencies in the government since his second term began.

TARIFFS LIKELY TO MOVE ECONOMY ‘AWAY FROM OUR GOALS’: POWELL

Trump fired Gwynne Wilcox, the chairwoman of the National Labor Relations Board, an independent agency, in his first week in office. She and Cathy Harris of the Merit Systems Protection Board, who was also fired, have challenged the move in courts.

Chief Justice John Roberts allowed the firings to stay in place while the case makes its way through the courts. Should the courts rule in the Trump administration’s favor, it could open the door for Trump to expand the executive branch’s power to include firing independent agency officials.