“I think if Jerome Powell stepped down, it would be a great thing,” Trump told the press on Monday. “I don’t know that he’s going to—but he should. Jerome Powell’s been very bad for our country.” Trump criticized the Federal Reserve for keeping interest rates too high, arguing the U.S. should have the lowest rates in the world.

He blasted the Fed for spending billions on its headquarters while mishandling economic policy. Moreover, Kevin Hassett, one of Trump’s economic advisers, also said over the weekend that the president might have grounds to fire Powell over this pricy renovation. Trump claims he, along with one other economist, correctly predicted the economy’s rebound, and says the Fed’s advisors got it all wrong.

Trump continued:

“I call him ‘Too Late.’ He’s always too late. Every point costs us $360 billion. Think about that. We should be three points lower—that’s nearly a trillion dollars … You’re telling me he’s going to quit? I hope he quits. I don’t know if he will—but he should. He’s been very bad for the country.”

At its core, Trump is demanding a rate cut because he views Jerome Powell—and today’s steep interest rates—as a giant roadblock to the booming economy he’s eager to take credit for. He’s convinced Powell’s approach is hurting the nation financially, and he’s itching for the economic jolt that sweeping cuts could deliver—all while trying to reassert control over an institution he believes is snubbing him.

After weighing in on Monday, Trump followed up the next day on Truth Social, once again pushing for lower interest rates, stating:

“Fed should cut Rates by 3 Points. Very Low Inflation. One Trillion Dollars a year would be saved!!!”

Despite Trump’s fiery remarks, the U.S. central bank isn’t showing any signs of blinking on the federal funds rate. CME Group’s FedWatch tool puts the odds at a hefty 97.4% that the Fed will hold rates steady at its July 30, 2025, meeting.

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