President Donald Trump on Friday upped his attacks on Federal Reserve Chair Jerome Powell, calling for the central bank’s policymakers to “assume control” of the Fed’s policy decisions.
Trump has repeatedly criticized Chairman Powell’s leadership at the central bank despite having appointed him as the Fed chair in 2017, including recent calls for the Fed to cut interest rates to boost the economy.
He took to his Truth Social platform early Friday morning to urge the Federal Reserve’s Board of Governors to take control from Powell if he resists immediate interest rate cuts, writing:
“Jerome ‘Too Late’ Powell, a stubborn MORON, must substantially lower interest rates, NOW. IF HE CONTINUES TO REFUSE, THE BOARD SHOULD ASSUME CONTROL, AND DO WHAT EVERYONE KNOWS HAS TO BE DONE!”
The Federal Reserve determines its interest rate policy collectively through a 12-member panel known as the Federal Open Market Committee (FOMC), which votes on those decisions with each member – including Powell – receiving one vote.
The FOMC isn’t scheduled to meet again until Sept. 17-18, which would leave an unusual emergency meeting as the only avenue by which policymakers could cut rates ahead of time. Emergency meetings by the FOMC to cut interest rates are rare and last occurred March 2020 at the outset of the COVID pandemic.
This is a developing story. Please check back for updates.
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