President Donald Trump slammed Federal Reserve Chair Jerome Powell, saying his “termination cannot come fast enough!” a day after Powell warned about the impact of Trump’s tariffs.
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“Unemployment is likely to go up as the economy slows, in all likelihood, and inflation is likely to go up as tariffs find their way and some part of those tariffs come to be paid by the public,” Powell said April 16, in remarks to the Economic Club of Chicago.
Powell suggested the Fed could face a conflict – a “challenging scenario,” he called it -between meeting its goals of low inflation, and a sturdy economy and job market. He suggested that all things equal the Fed’s priority should be stable prices – a view that could mean delaying interest rate cuts. He added, however, that the Fed would focus on whichever is the biggest trouble spot, implying the Fed would cut rates if the economy were in or tipping into a recession.
In general, the Fed cuts interest rates to stimulate a flagging economy and job market. It increases interest rates – or keeps them higher for longer – to lower inflation or prevent a spike in prices.
Trump lashed out on April 17 with a social media post, saying Powell “should have lowered Interest Rates… long ago, but he should certainly lower them now.”
Powell noted in his Economic Club speech that the Fed’s independence is “a matter of law” and that the central bank makes decisions “based on our best thinking, based on our best analysis” and not “any political pressure.”
“People can say whatever they want,” Powell added. “That’s fine. That’s not a problem. But we will do what we do strictly without consideration of political or any other extraneous factors.”
During Trump’s first term, he frequently dialed up the pressure on the Fed. Powell was confirmed as board chairman in February 2018, after he was nominated by Trump, and was reappointed to a second four-year term in May 2022. In January, Trump said he knows interest rates better than the Fed.
Powell was asked after the Nov. 7 Fed meeting about whether Trump has the power to fire him.
“Not permitted under the law,” Powell responded.
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Authored by Ben Ijeoma Adigwe Esq., ACIarb (UK), LL.M, Dip. in Artificial Intelligence, Director at the Delta State Ministry of Justice, Asaba, Nigeria.
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