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Trump attacks on Powell : US economy could slow down if rates are not cut

U.S. President Donald Trump has again criticized the Federal Reserve and its Chairman Jerome Powell, urging immediate interest rate cuts to prevent a potential recession. In a Truth Social post, Trump claimed that inflation is decreasing and warned that if Powell doesn’t act promptly, economic growth could slow down. This criticism coincided with a decline in the U.S. stock market, with the S&P 500 index dropping by up to 2%.

Trump is displeased with the Fed’s cautious approach, and one of his advisors hinted at considering Powell’s removal, raising concerns over the Fed’s independence amid the U.S.-China trade tensions. Trump argues high rates hinder loans, trade, and consumption.

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