‘Too late Powell’: Trump calls out Fed chief on interest rates; demands Jerome to step down after Kugler exits

Donald Trump has called on Federal Reserve chair Jerome Powell to resign, intensifying his attacks on the central bank’s leadership after Fed governor Adriana Kugler announced her early departure.“’Too Late’ Powell should resign, just like Adriana Kugler, a Biden Appointee, resigned. She knew he was doing the wrong thing on Interest Rates. He should resign, also!” the US president wrote Friday(local time) on his social media platform, Truth Social.The post follows Trump’s earlier attacks on Powell, where he called him “too stupid” and “too political” for the job. “Jerome ‘Too Late’ Powell has done it again!!! He is TOO LATE, and actually, TOO ANGRY, TOO STUPID, & TOO POLITICAL, to have the job of Fed Chair,” he wrote.Trump further accused Powell of costing the country “TRILLIONS OF DOLLARS, in addition to one of the most incompetent, or corrupt, renovations of a building(s) in the history of construction,” adding, “Put another way, ‘Too Late’ is a TOTAL LOSER, and our Country is paying the price!”These comments follow the Federal Reserve’s decision to hold interest rates steady for a fifth straight meeting, despite his repeated demands for aggressive cuts. Trump has consistently argued that inflation is overstated and that slashing rates would stimulate growth, benefit homebuyers and ease the federal budget. However, the Fed’s preferred inflation metric is currently running at 2.6% annually, above its 2% target, and many economists warn that deep rate cuts could stoke inflation further.Fed governor Adriana Kugler, appointed by Joe Biden, also announced her resignation today, effective 8 August. This resignation came several months before her term was due to end in January 2026.Speaking to reporters, Trump claimed Kugler’s resignation was tied to disagreements over interest rates. “I understand it was over the fact that she disagreed with somebody from her party …she disagreed with ‘Too Late’ on the interest rate,” he said, as quoted by CNN.However, Trump said he was “very happy” to have an open seat on the Fed Board.