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President Trump has criticized Federal Reserve Chair Jerome Powell for failing to lower interest rates amid growing economic uncertainty, escalating his long-running feud with the central bank over its handling of monetary policy.

Some shit you should know before you read: If you’re unaware, Jerome Powell was first appointed to the Federal Reserve Board of Governors in 2012 by President Barack Obama and later elevated to Fed Chair in 2018 by President Donald Trump. Powell runs the Federal Reserve, which is the central bank of the United States and is responsible for setting monetary policy, including interest rates. While the president nominates Fed governors (who are confirmed by the Senate), the Fed operates as an independent entity, meaning it makes decisions without direct control from the White House in order to shield monetary policy from political pressure.

What’s going on now: In a statement posted on his Truth Social account, President Trump attacked Chairman Powell, writing: “The ECB is expected to cut interest rates for the 7th time, and yet, ‘Too Late’ Jerome Powell of the Fed, who is always TOO LATE AND WRONG, yesterday issued a report which was another, and typically complete ‘mess!’ Oil prices are down, groceries (even eggs!) are down, and the USA is getting RICH ON TARIFFS. Too Late should have lowered Interest Rates, like the ECB, long ago, but he should certainly lower them now. Powell’s termination cannot come fast enough!”

This isn’t the first time Trump has gone after Powell—he spent much of his first term criticizing the Fed Chair over interest rate decisions, even calling him “an idiot” and “enemy” when the Fed resisted cutting rates quickly enough to match Trump’s preferred economic narrative. The tension between the two has been a consistent theme, with Trump repeatedly accusing Powell of stifling growth and acting too slowly, while Powell has maintained that the Fed’s decisions are guided strictly by economic data and not political pressure. Despite the public criticism, Powell was reappointed to a second term in 2022 by President Biden.

This all comes as Powell warned that the US economy is entering a potentially turbulent phase, marked by slowing growth and persistent inflation, which he said was being caused by President Trump’s tariffs. Speaking at an economic event in Chicago, Powell said early data suggested that economic growth has slowed significantly in the first quarter, with the Atlanta Fed projecting a contraction of -2.2%, further complicating the Fed’s path forward on monetary policy.