US President Donald Trump has once again increased pressure on Federal Reserve (Fed) Chairman Jerome Powell by openly calling for an investigation by the US Congress and urging him to resign following his statements regarding lawmakers.
In a post on Trump's Truth Social platform, he sarcastically called Powell too late and should resign immediately.
Jerome Powell is considered to have failed to lead the Fed to lower interest rates earlier, blaming the current economic downturn.
Economic commentator Bill Pulte has been vocal in criticizing current monetary policy and calling for a formal investigation by Congress into Jerome Powell.
This escalating political pressure has added to the uncertainty surrounding the direction of US monetary policy, especially ahead of the approaching presidential election.
The market is now closely monitoring any new signals from the Fed following this tension.
Jerome Powell's recent testimony before the Senate Banking Committee drew criticism after he defended plans to remodel the Fed's headquarters, which he said contradicted previous planning documents by the US government in 2021.
Meanwhile, President Donald Trump has continued to voice his dissatisfaction with Powell's leadership, particularly the Fed's reluctance to cut interest rates, which he says has hurt US economic growth and competitiveness.
The situation has further strained relations between the Trump administration and the central bank, adding to pressure on the Fed amid uncertainty over monetary policy ahead of the presidential election.
