Donald Trump says end of Jerome Powell's term as Fed chair 'cannot come fast enough'

Donald Trump is awake. And he has strongly criticised monetary policy by the Federal Reserve, saying the end of Jerome Powell’s tenure as chair “cannot come fast enough”.

In a post on Truth Social, the social network he owns, Trump said that Powell had been too slow to cut interest rates – contrasting its hesistance because of perceived inflationary pressures with the European Central Bank (ECB).

The Federal Reserve announced Wednesday it will leave interest rates unchanged as President Donald Trump’s tariff policies weigh on economic growth.

The Federal Reserve on Wednesday announced that it will leave its benchmark interest rate unchanged as policymakers continue to assess uncertainty around inflation and economic conditions in light of federal policy shifts.

The Federal Reserve left interest rates unchanged Wednesday while noting increased economic uncertainty and slashing growth forecasts, at a time when trade and other policy areas are in extreme flux.

The Federal Reserve signaled greater doubt over how much it would continue to cut rates after agreeing to a reduction on Wednesday that Chair Jerome Powell conceded had been a close call.

The latest cut, approved by 11 of 12 Fed voters, will lower the Fed’s benchmark federal-funds rate to a range between 4.25% and 4.5%, a two-year low.

The stock market plunged on Wednesday after the Federal Reserve scaled back its expectations for interest rate cuts next year.

The Dow Jones Industrial Average fell about 1,100 points, or 2.5%, the largest drop for the index since August. The dip marked the 10th consecutive day of losses for the Dow, its longest losing streak since 1974.

The Federal Reserve on Wednesday announced its third straight interest rate cut, lowering the benchmark rate by 25 basis points amid economic data showing that inflation remains above the central bank's target rate.

Federal Reserve Chair Jerome Powell had to reassure some skeptical colleagues that the central bank wouldn’t inadvertently send signals of distress when he led them to start lowering borrowing costs at the end of the summer with a gutsy, larger-than-usual half-point reduction.

Now, they are confronting another potential hinge point. Officials lowered their benchmark rate again in November, by a quarter point. Investors widely expect a third consecutive rate cut this week.