Trump attacks Powell, calls for rate cuts. 'He'll probably screw up again'

Jerome Powell, chairman of the Federal Reserve, the US central bank, should cut interest rates as soon as possible, Donald Trump wrote on Saturday on the Truth Social website. The US president has previously called for a rate cut and criticized the Fed chief.

"Almost everyone agrees that the 'Fed should cut rates ASAP'," Trump's post reads. Powell "will probably screw up again, but who knows???" the president added.

Trump has previously criticized Powell and called on him to cut interest rates. For example, he said the Fed chairman was “always late” in cutting rates and argued that if he wanted to, Powell, whose term ends next year, would step down.

Numerous earlier statements by the president about the Fed and Powell led to turmoil on the markets and a sell-off of US stocks and bonds and a decline in the dollar exchange rate, which was called the "sell America" ​​trend.

The Federal Reserve is considered one of the most important financial institutions in the world; however, if the Fed lost credibility, it would lose its ability to influence markets. And the US central bank may lose credibility if, as a result of pressure from Donald Trump, it becomes dependent on the executive branch. (PAP)

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