U.S. President Donald Trump said to Jerome Powell, Chair of the Federal Reserve (Fed), that 'we need to lower interest rates significantly right now.'
On the morning of the 1st (local time), Trump posted on his social media platform, Truth Social, stating, 'stubborn fool, too late Powell.'
Trump also said, 'If he continues to refuse, the Board (of the Fed) needs to take control and do what everyone knows must be done.' This implies that the Board needs to decide to dismiss Chair Powell.
Trump stated later, 'There is strong opposition (to Chair Powell) within the Fed Board,' adding that 'this opposition will only grow stronger.'
He seems to be referring to the fact that on the 30th of last month, two members of the Fed Board, including Michelle Bowman, Fed Vice Chair, and Christopher Waller, Fed Governor, opposed the decision to hold rates steady for the fifth consecutive time during the Federal Open Market Committee (FOMC) meeting.
In the FOMC meetings, seven members of the Fed Board and five regional Fed Bank presidents participate, and it has been 32 years since two or more Fed governors, who have permanent voting rights, expressed minority opinions.