U.S. President Donald Trump posted on Truth Social on Thursday (April 4), criticizing Federal Reserve Chairman Jerome Powell for "always moving too slowly" and wrote that "his suspension could never be faster."
It is understood that Powell delivered a speech in Chicago on Wednesday (16th), emphasizing that the tariff policy proposed by the Trump administration "may lead to higher inflation and slower economic growth", and indicated that the Federal Reserve will prioritize controlling inflation, but it may sacrifice some employment and growth.
According to CNN, Powell's remarks may mean that the Federal Reserve will not cut interest rates in the short term. In response, Trump also said in an interview in the Oval Office of the White House on the 17th, "I don't think he is doing the right thing. He is too slow, always too slow, and I am very dissatisfied with him." He also claimed that "If I want him to leave, he will be replaced immediately, believe me."
In a post on real social media, Trump said that the European Central Bank (ECB) has expected to cut interest rates for the seventh time, and "that always too slow 'too late Powell' released another report yesterday, and the result is still the same usual, messy "disaster"! Gas prices are falling, grocery prices, even eggs are falling! ", criticizing Powell for cutting interest rates earlier and saying that he should have cut interest rates now.
It is understood that Trump has publicly criticized Powell many times in the past. Shortly after he nominated Powell as chairman in 2018, he expressed dissatisfaction several times due to differences in the interest rate policy stance. In 2019, he bluntly regarded Powell as an "enemy" and publicly stated at the beginning of the epidemic that he "had the power to remove him." However, under current regulations, the Fed chairman has statutory term protection, and the president does not have the power to remove the position at will unless there are "clear reasons." Powell's term is expected to end in May 2026.
At present, the Federal Reserve has not responded to Trump’s latest remarks, but Treasury Secretary Scott Bessent emphasized the importance of the Federal Reserve’s independence, saying that "monetary policy is a treasure box that needs to be protected."
It is worth mentioning that the US Supreme Court is currently hearing a case that may shake the protection structure of independent agencies, namely the 1935 "Humphrey's Executor v. US", which will determine whether the president has "unlimited power to remove from office." This case has always been regarded as an important basis for the separation of powers in the U.S. federal government. It defines the boundaries of the executive branch's intervention in the personnel of independent agencies. Once overturned, it may give the president greater power to dismiss the heads of independent agencies such as the Federal Reserve.
