Donald Trump has attacked the head of the US central bank for not cutting interest rates, stating that Jerome Powell’s “termination cannot come fast enough!”.
The US president took to social media to renew his criticism of Powell ahead of the third interest rate cut this year by European Central Bank (ECB).
On Thursday, it announced that it had reduced the key rate “owing to rising trade tensions”.
Trump, who nominated Powell as Federal Reserve chair in 2017 during his first term, wrote that he “is always TOO LATE AND WRONG” on reducing borrowing costs.
Trump continued: “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.”
While oil prices have fallen since the start of the month when Trump unveiled his tariff regime, eggs prices have risen to $6.23 per dozen, according to official data.
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