President Trump is turning up the heat on Federal Reserve Chairman Jerome Powell—and this time, he’s not mincing words. Just one day after Powell once again declined to cut interest rates amid what he called an “uncertain economic outlook,” Trump blasted the embattled Fed chief as “Too Late Jerome” and hinted that Powell’s time at the helm of America’s central bank may be running out.
In a post on Truth Social, Trump unleashed his most forceful warning yet:
“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!”
The Fed’s refusal to cut rates comes at a time when the European Central Bank has slashed rates for the seventh time, a move widely seen as necessary to boost global growth. Yet Powell continues to urge patience, saying at a conference Wednesday that the Trump administration’s tariff policies make it difficult for economists to accurately forecast the near-term future of the U.S. economy.
While Powell insists the Fed is above political influence, his cautious tone and slow-moving policies have clearly worn thin with the president. Trump sees an economy that’s booming—March’s jobs report crushed expectations with 228,000 new positions added—and believes lower interest rates would supercharge that growth even further.
Powell, however, stuck to the Fed’s independent mantra, stating:
“We will do what we do strictly without consideration of political or any other extraneous factors.”
But for Trump, the numbers are speaking louder than Powell’s policy delays. The administration is pointing to declining inflation on essentials like gas and groceries, strong labor market growth, and increased federal revenue from tariffs as proof that the economy is primed for an interest rate cut—not another round of wait-and-see.
There’s growing speculation on Wall Street that Trump may try to oust Powell before his term ends in May 2026, especially after the president signed an executive order earlier this year aimed at asserting more influence over the Fed—though it stopped short of interfering directly with rate-setting.
If Powell doesn’t move soon, it seems President Trump just might.
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