Donald Trump has offered his latest sharp criticism of Federal Reserve Chair Jerome Powell, complaining during an Oval Office press conference on Thursday that dealing with the central banker is like “talking to a wall.”
The president has repeatedly pushed for Powell to lower interest rates, but the Fed announced Wednesday they will hold steady for the time being, citing a relatively strong economy, even amid uncertainty over the future impact of Trump’s tariffs.
“Well, the Bank of England cut. China cut. Everybody’s cutting but him,” Trump told reporters as he fielded questions after announcing a trade deal with the UK.
“I call him ‘Too Late’, ‘Too Late Powell’, that’s his nickname,” Trump added. “It’s a shame. It’s ridiculous.”
Powell has defended the Fed’s strategy, saying he’s unconcerned with pressure from Trump.
“It doesn’t affect our doing our job at all,” he told reporters on Wednesday. “We’re always going to consider only the economic data, the outlook, the balance of risks, and that’s it. That’s all we’re going to consider.”
The Fed chair added that he isn’t interested in seeking out a meeting with the president.
“I’ve never asked for a meeting with any president, and I never will,” Powell said. “I think it’s always come the other way. A president wants to meet with you, but that hasn’t happened.”
The central banker also warned that the Trump administration’s tariff agenda could complicate progress on the Fed’s goals of keeping inflation and unemployment low.
“And if that’s what we do see, if the tariffs are ultimately put in place at those levels, which we don’t know, then … we won’t see further progress toward our goals, but we might see a delay in that,” Powell said.
Though Trump was the one who initially nominated Powell, who was later renominated under Joe Biden, the Republican has turned on him in recent months amid tensions over the White House’s tariff strategy.
Last month, Trump suggested Powell’s “termination” was soon at hand, even though the Federal Reserve is an independent body largely outside of presidential control.
Powell’s term as chair ends next year, though his tenure on the Fed’s Board of Governors will last until 2028. He said last year he would not resign if Trump asked him to.
