U.S. President Donald Trump criticized Fed Chairman Jerome Powell on Thursday for his handling of interest rate policies.
In an article on social media platform Truth Society, Trump questioned the cautious approach of the Federal Reserve under Powell, referring to the European Central Bank (ECB) expected to implement its seventh rate cut.
Trump marked Powell as “too late and wrong”, accusing him of taking action consistently and promptly.
“The oil price has fallen, groceries (even eggs) have fallen, and the U.S. tariffs on tariffs have become richer,” Trump wrote.
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He believes that current economic indicators justify lower interest rates and the Federal Reserve should act as soon as possible.
“It's too late and interest rates should be lowered like the ECB, but he certainly should be lowering them now,” he added.
Trump summed up his position, calling for Powell to be removed and said: “Powell's termination cannot be swift.”
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This development is a delay in the prospect of trade tariffs that more reduced common interest rates and also put investors in the growth of the world's largest economy.
On Thursday, the Dow Jones Industrial Average (DJIA) was one of the major U.S. stock benchmarks, down 527.2 points, or 1.3%, to 39,142.2, losing 1,382.6 points in three straight games.
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NVIDIA, INTEL and Alphabet stocks saw sales pressure drop 1-3% per share, which took the market in Thursday's trading as investors prepare for a long weekend as the next day's good Friday market holiday.
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