- RAWSTORY.COM - Raw Story - 09/Jul 13:56

Trump demands his own appointee be replaced with 'anyone' else

President Donald Trump continued his war against Federal Reserve chairman Jay Powell on Wednesday, demanding he be replaced in a Truth Social post."ANYBODY BUT 'TOO LATE,'" Trump wrote — referencing his nickname for Powell of "Mr. Too Late," for not reducing interest rates as quickly or readily as he wants him to.Powell was initially appointed by Trump himself in 2018, to replace Janet Yellen, and was renewed for another term by former President Joe Biden.Trump followed up his post about a half hour later with some specific complaints about Powell and demanded a rate cut."Our Fed Rate is AT LEAST 3 Points too high," Trump posted. "'Too Late' is costing the U.S. 360 Billion Dollars a Point, PER YEAR, in refinancing costs. No Inflation, COMPANIES POURING INTO AMERICA. 'The hottest Country in the World!' LOWER THE RATE!!!"The Federal Reserve is designed to operate independently of political pressures, to prevent politicians from interfering to lower interest rates — which can boost the economy in the short term to please voters, but risks destabilizing prices and triggering higher inflation in the long run.In recent months, Trump has become furious at the Federal Reserve, which had to hike interest rates significantly in the years following the COVID pandemic to get a handle on inflation, for not rolling back those interest rate hikes as fast as he would like. Powell has explictly said the heavy tariffs Trump imposed on foreign goods has set back the Federal Reserve's progress on inflation and extended their timeline for lowering interest rates.Trump has also alleged that Powell "lied" to Congress about renovations to the Federal Reserve's headquarters.