United States President Donald Trump has repeated his call for Federal Reserve Chair Jerome Powell to step down, the latest in a series of attacks that have raised concern about the independence of the US central bank.
Trump made the call for Powell to “resign immediately” on Wednesday after his administration’s top housing regulator urged the US Congress to launch an investigation into the central banker.
Bill Pulte, the director of the Federal Housing Finance Agency, said in a post on X that Powell should be investigated for his “political bias” and “deceptive testimony” about renovations at the Federal Reserve headquarters in Washington, DC.
In a Truth Social post responding to Pulte’s comments, Trump said “Too Late” – a nickname used to lambast Powell for not lowering rates faster – should resign.
Trump’s broadside comes days after he sent Powell a letter demanding that the central banker lower the benchmark interest rate, which is currently set at a range of 4.25 percent to 4.5 percent, by “a lot”.
The US president has repeatedly criticised Powell for not backing faster rate cuts, arguing that the central banker’s cautious stance is holding back economic growth and that concerns about inflation are overblown.
Lower interest rates reduce the cost of borrowing for businesses and consumers, helping boost economic growth.
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