President Donald Trump once again urged the Federal Reserve to reduce interest rates, pointing to a combination of falling consumer prices and solid job growth. Additionally, the president referenced declines in gasoline and grocery costs, as well as strong employment figures, following the release of April’s jobs report from the Labor Department.
The report showed that the U.S. economy added 177,000 jobs during the month, surpassing expectations, reports Fox Business.
“Gasoline just broke $1.98 a Gallon, lowest in years, groceries (and eggs!) down, energy down, mortgage rates down, employment strong, and much more good news, as Billions of Dollars pour in from Tariffs. Just like I said, and we’re only in a TRANSITION STAGE, just getting started!!! Consumers have been waiting for years to see pricing come down. NO INFLATION, THE FED SHOULD LOWER ITS RATE!!! DJT,” Trump wrote.
In a separate post on Truth Social last week, Trump referred to Federal Reserve Chair Jerome Powell as a “major loser” and argued for “preemptive cuts” to interest rates, again pointing to falling inflation and food prices.
“With these costs trending down so nicely, just what I predicted they would do, there can almost be no inflation, but there can be a SLOWING of the economy unless Mr. Too Late, a major loser, lowers interest rates, NOW,” Trump wrote.
Trump’s continued pressure on Powell, along with remarks from White House economic adviser Kevin Hassett suggesting the president would “study” the legality of removing the Fed chair, has stirred debate over the Federal Reserve’s independence in setting monetary policy.
According to Fox Business, despite the criticism, Powell has indicated he plans to complete his term, which is set to expire on May 15, 2026.
