Former President Donald Trump expressed his dissatisfaction with high interest rates and suggested that he might urge Federal Reserve Chair Jerome Powell to implement looser monetary policies if he were to be elected for another term in office.

During an interview with NBC’s “Meet the Press,” Trump also hinted at the possibility of removing Powell from his position.

Trump voiced his concerns, stating, “Interest rates are very high. They’re too high. People can’t buy homes. They can’t do anything. I mean, they can’t borrow money.” He shared these thoughts during Kristen Welker’s debut as the host of the talk show, following Chuck Todd’s departure.

When asked by Welker if he would use his influence to pressure Powell into lowering rates, Trump replied, “It depends on the level of inflation. But I would work towards reducing inflation.”

These remarks reflect the contentious relationship between Trump and Powell during Trump’s presidency from 2017 to 2021.

Trump frequently criticized Fed officials, including Powell, on Twitter, once referring to them as “boneheads” and likening Powell to “a golfer who can’t putt.” These comments were made during a period when the Fed was raising interest rates between 2018 and 2019.

Trump admitted to exerting pressure on Powell, stating, “I did put a lot of pressure on him. It was external pressure because nobody knows if you can actually do that, but I did it because I believed his interest rates were too high. And he eventually lowered them.”

Indeed, the Fed began reducing rates in 2019, eventually reaching near-zero levels as the COVID-19 pandemic hit in March 2020.

Despite his criticism, Trump appointed Powell as Fed Chair in 2018, following which Powell was confirmed and Janet Yellen became Treasury Secretary under President Joe Biden.

When asked about the possibility of replacing Powell if re-elected in 2024, Trump gave an ambiguous response, saying, “Well, I guess he would have two years left or something like that, so we’ll see.”

Trump emphasized his approach of “jawboning” against Powell, which he believed led to lower interest rates and a thriving housing market. He expressed concerns about the current situation, stating, “Things are not going well for the consumer. Bacon prices have increased fivefold. Food prices are even worse than energy prices.”

Inflation has become a significant issue during the Biden administration, contrasting with the relatively stable inflation experienced under Trump and Barack Obama.

The consumer price index has risen by over 16% in just over two and a half years of the Biden presidency, compared to less than half that increase during Trump’s entire term.

However, economists generally agree that the groundwork for higher prices was laid during the early stages of the COVID-19 crisis. Supply chains were disrupted, consumer demand shifted from services to goods, and trillions of dollars in stimulus were injected by Congress and the Fed to mitigate the economic impact of the pandemic.

Trump pledged to combat inflation, stating, “I would work towards reducing inflation because it is essential. We will continue drilling for oil, regain our energy independence, and reduce our debt while becoming energy dominant.”

The Fed is expected to maintain interest rates during its upcoming meeting, and Powell’s term as Fed Chair expires in February 2026.

Former President Donald Trump expressed his dissatisfaction with high interest rates and suggested that he might urge Federal Reserve Chair Jerome Powell to implement looser monetary policies if he were to be elected for another term in office.

During an interview with NBC’s “Meet the Press,” Trump also hinted at the possibility of removing Powell from his position.

Trump voiced his concerns, stating, “Interest rates are very high. They’re too high. People can’t buy homes. They can’t do anything. I mean, they can’t borrow money.” He shared these thoughts during Kristen Welker’s debut as the host of the talk show, following Chuck Todd’s departure.

When asked by Welker if he would use his influence to pressure Powell into lowering rates, Trump replied, “It depends on the level of inflation. But I would work towards reducing inflation.”

These remarks reflect the contentious relationship between Trump and Powell during Trump’s presidency from 2017 to 2021.

Trump frequently criticized Fed officials, including Powell, on Twitter, once referring to them as “boneheads” and likening Powell to “a golfer who can’t putt.” These comments were made during a period when the Fed was raising interest rates between 2018 and 2019.

Trump admitted to exerting pressure on Powell, stating, “I did put a lot of pressure on him. It was external pressure because nobody knows if you can actually do that, but I did it because I believed his interest rates were too high. And he eventually lowered them.”

Indeed, the Fed began reducing rates in 2019, eventually reaching near-zero levels as the COVID-19 pandemic hit in March 2020.

Despite his criticism, Trump appointed Powell as Fed Chair in 2018, following which Powell was confirmed and Janet Yellen became Treasury Secretary under President Joe Biden.

When asked about the possibility of replacing Powell if re-elected in 2024, Trump gave an ambiguous response, saying, “Well, I guess he would have two years left or something like that, so we’ll see.”

Trump emphasized his approach of “jawboning” against Powell, which he believed led to lower interest rates and a thriving housing market. He expressed concerns about the current situation, stating, “Things are not going well for the consumer. Bacon prices have increased fivefold. Food prices are even worse than energy prices.”

Inflation has become a significant issue during the Biden administration, contrasting with the relatively stable inflation experienced under Trump and Barack Obama.

The consumer price index has risen by over 16% in just over two and a half years of the Biden presidency, compared to less than half that increase during Trump’s entire term.

However, economists generally agree that the groundwork for higher prices was laid during the early stages of the COVID-19 crisis. Supply chains were disrupted, consumer demand shifted from services to goods, and trillions of dollars in stimulus were injected by Congress and the Fed to mitigate the economic impact of the pandemic.

Trump pledged to combat inflation, stating, “I would work towards reducing inflation because it is essential. We will continue drilling for oil, regain our energy independence, and reduce our debt while becoming energy dominant.”

The Fed is expected to maintain interest rates during its upcoming meeting, and Powell’s term as Fed Chair expires in February 2026.