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President Donald Trump is once again threatening to fire Federal Reserve Chair Jerome Powell for refusing to cut interest rates even after harshly asking him to many times. On Thursday morning, Trump posted on Truth Social that Powell, who he now refers to as “Too Late Jerome,” is doing a terrible job managing monetary policy.  He slammed Powell for releasing what he called another “complete mess” of a report and said the European Central Bank (ECB) is preparing to cut rates for the seventh time while Powell keeps dragging his feet. Trump wrote: “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 escalation comes just one day after Jerome Powell issued public comments about the economy on Wednesday. Powell told reporters that the Fed may face a situation where it has to pick between fighting inflation and avoiding a weak labor market, both of which are part of its dual mandate.  He said Trump’s trade war has made this balancing act more difficult. Powell explained that if prices keep climbing due to tariffs while employment gets worse, the Fed will have to assess how far off both targets are before deciding whether to cut rates. Powell said, “We would consider how far the economy is from each goal, and the potentially different time horizons over which those respective gaps would be anticipated to close.” He added that while the outlook is uncertain and constantly changing due to policy announcements, there’s no rush to act just yet. Fed holds back as Trump pressures for aggressive cuts While Trump demands immediate action, Powell insists on staying cautious. He said on Wednesday that the Fed is “well positioned to wait for greater clarity before considering any…

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Filed under: News - @ April 17, 2025 11:26 am