Looks like the pressure is on again! Former President Trump is back at it, this time putting Fed Chair Jerome Powell in the hot seat. Trump is urging Powell to cut interest rates and even hinted at firing him after Powell recently defended the Fed’s independence.

Bright and early this morning, Trump took to Truth Social to voice his displeasure. He criticized the Fed’s cautious “wait-and-see” approach to the economy and didn’t mince words, calling Powell’s latest report a “complete mess.”

Trump argues that inflation is no longer a worry and believes Powell should follow the lead of the European Central Bank (ECB), which is expected to cut rates.

In his own words, Trump exclaimed, “The ECB is expected to cut interest rates for the 7th time, and yet, ‘Too Late’ Jerome Powell of the Fed, who is always TOO LATE AND WRONG!”

He didn’t stop there, adding, “Powell’s termination cannot come fast enough!” and throwing in a comment about “the USA is getting RICH ON TARIFFS.”

Trump’s comments are a reaction to a speech Powell gave yesterday at the Economic Club of Chicago, where he emphasized that the Fed’s independence is legally protected.

Powell also mentioned that the Fed’s independence is supported by both Democrats and Republicans. He acknowledged Congress could technically change the laws that protect the Fed, but hinted that this is unlikely to happen.

“Our independence is a matter of law,” Powell stated plainly. “Congress has put it in our statute that we’re not removable except for cause.”

“Fed independence is widely understood and supported in Washington, especially within Congress, where it truly counts,” Powell added.

Powell made it clear that he wouldn’t be swayed by political pressure.

“We’re never going to let political pressure influence us. People are free to say what they want,” he asserted. “We will continue to make our decisions purely based on what’s best, without considering political or any other outside factors.”

This isn’t new: Trump has been consistently pushing the central bank to cut interest rates since his second term began.

Back in January, speaking virtually at the World Economic Forum in Davos, Trump declared, “I will demand that interest rates drop immediately!” He even argued that lower oil prices would give the Fed room to cut rates and tackle inflation.

When the Fed held steady at 4.25%-4.5% in late January, Trump again took to Truth Social to criticize Powell. This was despite inflation being at 2.9% in December, still above the Fed’s 2% target. Trump insisted *he* had the solutions to economic challenges through energy, deregulation, trade and manufacturing.

Last month, when the Fed again decided to keep rates as they were, Trump was back on Truth Social, urging them to cut rates to soften the blow of his planned tariff hikes.

Just this week, US Treasury Secretary Scott Bessent announced that the White House will start looking for potential replacements for Powell this fall, with Powell’s term ending in May 2026.

Despite Trump’s very public push for rate cuts, Treasury Secretary Bessent voiced support for the Fed’s independence. Bessent also mentioned that he meets regularly with Powell and sees no indication of financial instability that would require urgent measures.

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