President Donald Trump ramped up pressure on the Federal Reserve Tuesday, calling for interest rate cuts following a dip in inflation. “No inflation, and prices of gasoline, energy, groceries, and practically everything else, are down,” Trump posted on Truth Social. “The Fed must lower the rate, like Europe and China have done,” he wrote.
The Bureau of Labor Statistics reported that annual inflation fell to 2.3% in April, down from 2.4% in March. Core inflation also eased. In response, Trump again targeted Fed Chair Jerome Powell — whom he calls “Too Late Powell” — accusing him of stalling the country’s economic momentum.
However, Fed officials have warned that Trump’s sweeping new tariffs could push prices back up later this year. Powell noted that inflation may now take an extra year to reach the Fed’s 2% target. Trump has dismissed those concerns and continues to blame lingering inflation on the Biden administration.
