Trump Says ‘Too Late’ Jerome Powell Is Costing US Over $1 Trillion A Year, Calls For Rate Cuts

President Donald Trump on Wednesday reignited his attacks against Federal Reserve Chair Jerome Powell and called for significant rate cuts yet again to trim the federal deficit.

In two posts on his social media platform Truth Social, President Trump called on Powell to cut key borrowing rates by as much as 300 basis points (3 percentage points).

He added that Powell’s status-quo stance on interest rates is costing the U.S. as much as $1.08 trillion a year over three percentage points, or $360 billion a year per percentage point.

“Our Fed Rate is AT LEAST 3 Points too high. “Too Late” is costing the U.S. 360 Billion Dollars a Point, PER YEAR, in refinancing costs,” Trump said in his post, adding that companies are “pouring” into the U.S., likely referring to investment commitments.

In another post, Trump said, “Anybody but “Too Late.””

Trump’s comments come ahead of the Federal Reserve Minutes, scheduled for release later today.

Meanwhile, U.S. equities remained optimistic on Wednesday as Wall Street digested the impact of President Trump’s tariff policies, as the July 9 deadline is here.

At the time of writing, the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, was up 0.58%, while the Invesco QQQ Trust (QQQ) surged 0.81%. Stocktwits data shows retail sentiment around the S&P 500 ETF has been in the ‘bullish’ territory over the past week.

Trump’s post against Powell is the latest in a series of public criticisms made by the President against the Fed Chair. While the Federal Reserve has maintained its wait-and-watch approach on interest rates, President Trump has demonstrated his growing impatience with the central bank’s approach.

Earlier this month, Treasury Secretary Scott Bessent indirectly said the Trump administration has prepared a list of potential successors to Powell.

“There are a lot of good, strong candidates” to replace Powell, the Treasury Secretary said during an interview.

Bessent also said rate cuts could happen as soon as September or even sooner.

On the other hand, Trump asked for “Too Late” Powell to “resign immediately” in a post on Truth Social, citing Federal Housing Finance Agency chief Bill Pulte’s comments calling for an investigation by Congress into the Fed Chair.

Powell, on his part, blamed President Trump’s tariffs for not cutting rates.

“In effect, we went on hold when we saw the size of the tariffs and essentially all inflation forecasts for the United States went up materially as a consequence of the tariffs,” the Fed Chair said at the European Central Bank forum in Sintra, Portugal, recently.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Also See: EU Pushes For Trump Tariff ‘Stand-Still’ Clause Until A Trade Deal Is Reached: Report