U.S. President Donald Trump harshly criticized Jerome Powell, the chair of the U.S. Central Bank (Fed), while repeatedly mentioning the possibility of his dismissal.
On the 20th (local time), President Trump wrote on the social media platform Truth Social, "I don’t understand why the (Fed) board ignores this complete moron," adding, "I may have to change my mind regarding whether to fire him, but anyway, his term will soon be over."
President Trump claimed, "He could have done the greatest and best thing for our country by helping to lower interest rates," stating, "If that numbskull reduces the (interest) rate to 1–2%, the U.S. could save $1 trillion (about 1,370 trillion won) per year."
He continued, "I tried everything. I was nice, I was neutral, and I was mean, but both kindness and neutrality didn’t work," adding, "He is a dumb person and an obvious Trump hater who shouldn't be in that position."
President Trump added, "We essentially have no inflation. Our economy is very good, and with enormous tariff revenue coming in and factories being built across the country, it will be better than ever before."
President Trump has been pressuring Chair Powell to lower interest rates. However, during the Federal Open Market Committee (FOMC) meeting on the 18th, the Fed decided to maintain the benchmark interest rate at 4.25–4.5%, choosing to keep the rate unchanged for the fourth consecutive FOMC meeting since Trump took office.
In response, President Trump stated in April that he could dismiss Chair Powell early, but after the shockwaves spread through the financial markets, he retracted his statements and has shown no further mention of the dismissal issue. Chair Powell's term lasts until May of next year.