US President Donald Trump has called for the chair of the Federal Reserve to resign immediately.
This is coming amid his ongoing attacks on Jerome Powell, and the world has been reacting.
Speaking via his Truth Social platform, Trump simply wrote, “‘Too Late’ should resign immediately!!!”
He added a link to a news article about a US federal housing regulator asking for Jerome to be investigated over his testimony about renovations to the central bank’s Washington headquarters.
Trump nominated Powell to be the Fed chair during his first term; however, since that time, he has repeatedly criticised him for not cutting interest rates as at when due.
It remains unclear whether the United States president has the authority to remove him from the post.
Despite the persistent criticism of Mr Powell, Trump said earlier this year that he had “no intention of firing him.”
According to him, he only wants Powell to decrease interest rates to aid economic growth, and not because he wants to lord over his office.
Powell himself confirmed that the Fed would have cut rates already had it not been for the impact of Trump’s tariff policies.
Asked during a meeting of central bankers in Portugal whether US rates would have been cut again this year if the administration had not announced its plan to sharply increase tariffs on countries around the world, Mr Powell immediately replied, “I think that’s right.”
The US Federal Reserve refused to comment about Trump’s remarks when contacted.
Ahead of Donald Trump’s return to the White House at the start of 2025, Mr Powell declared that he would not step down if the president asked him to, but it is not permitted under law for the White House to force him out.
