President Donald Trump, ahead of Federal Reserve Chair Jerome Powell's appearance before Congress on Tuesday, said he hopes that lawmakers work "this very dumb, hardheaded person over" and insisted that the United States would save billions of dollars if its interest rate were 2 to 3 points lower.
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"'Too Late' Jerome Powell, of the Fed, will be in Congress today in order to explain, among other things, why he is refusing to lower the Rate," Trump posted on his Truth Social page early Tuesday morning. "Europe has had 10 cuts, we have had ZERO. No inflation, great economy – We should be at least two to three points lower."
He added that the cut "would save the USA 800 Billion Dollars Per Year, plus. What a difference this would make. If things later change to the negative, increase the Rate."
He added that he hopes "Congress really works this very dumb, hardheaded person, over. We will be paying for his incompetence for many years to come. THE BOARD SHOULD ACTIVATE."
Last Friday, Trump suggested that he might change his mind about firing Powell, although he said in May he would not try to replace the chair before his term is over in May 2026.
Powell is testifying to the House Committee on Financial Services on Tuesday and before the Senate Committee on Banking, Housing, and Urban Affairs, according to Barron's.
The chair is likely to face questions about the independence of the Fed amid growing pressure from Trump, who has repeatedly pushed for aggressive interest rate cuts.
Meanwhile, Christopher Waller, governor of the Board of Governors of the Federal Reserve, and Michelle Bowman, the board's vice chair for supervision, have signaled in recent days that interest cuts may be on the table as early as July, shifting from Powell's statements last week at the Federal Open Market Committee meeting, when he called for a pause while assessing the impact of Trump's tariffs.
Sandy Fitzgerald ✉
Sandy Fitzgerald has more than three decades in journalism and serves as a general assignment writer for Newsmax covering news, media, and politics.
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