US President Donald Trump has again pushed for the Federal Reserve to cut interest rates, calling Federal Reserve Chairman Jerome Powell’s stance “too late”. Trump claims that a rate cut is widely supported by economists and market experts. The US president made his comments on Truth Social, a social media platform he owns.
Trump’s criticism of Powell comes after the Fed chief failed to meet his expectations for cutting rates during his previous terms in office. In December 2022, Trump tweeted about the need for rate cuts, stating that “inflation is basically down” and interest rates have decreased despite the US having a “Fed person who’s not really doing a good job”.
The Federal Reserve has been under pressure from the Trump administration to reduce its workforce. According to Bloomberg, the Fed plans to cut 10% of its staff over the next couple of years through attrition. The decision was made by Jerome Powell in May, and some employees will be offered voluntary retirement packages starting December 31, 2027.
Powell had previously denied that the central bank is overstaffed, stating that while staff may be “overworked”, they are not overstaffed.
Source: https://www.livemint.com/news/us-news/donald-trump-takes-another-jab-federal-reserve-chairman-jerome-powell-rate-cut-legendary-for-being-too-late-bank-us-news-11747529860451.html