Increase the pressure! Powell refuses to lower interest rates, Trump angrily orders the Federal Reserve Board to "take control"

Trump escalates his long-standing conflict with the Federal Reserve Chairman once again, demanding that if Powell does not cut interest rates, the Federal Reserve Board should "take control". The US President wrote on social media on Friday, "Jerome 'Dovish King' Powell, this stubborn fool, must immediately cut rates significantly. If he continues to refuse to act, the board should take control and do what everyone knows must be done!" The White House did not immediately respond to requests for comment on these remarks. It is understood that before Trump posted the above content, Federal Reserve officials had decided on Wednesday to keep interest rates unchanged. Powell did not give any clear signals at a press conference after the meeting indicating that policymakers may cut rates at the next meeting in September. Currently, investors expect only one rate cut before the end of the year. The interest rate decision is made by the Federal Open Market Committee (FOMC) chaired by Powell. The committee's voting members include seven members of the Federal Reserve Board in Washington and five regional Federal Reserve Bank presidents. FOMC elects a chairman and vice chairman once a year. After the decision was announced on Wednesday, Trump resumed sharp criticism of Powell following a brief ceasefire, criticizing his rate-setting policies and the renovation of the Federal Reserve headquarters critics accused Powell of mismanagement. Trump had consulted with lawmakers on whether to fire Powell, but later told reporters he had no intention of doing so, suggesting he was willing to wait until the Fed chairman's term ends in May next year. US Treasury Secretary's Statement Treasury Secretary Mnuchin said on Thursday that he expects Trump to announce Powell's successor by the end of the year. "We are putting together a list of great candidates," he said in an interview. "I expect to announce the candidate by the end of the year." Mnuchin also pointed out the dissent in the Wednesday decision and the possibility of two vacancies on the Federal Reserve Board early next year, implying that the "majority" in support of cutting rates could soon emerge. It is reported that the term of Governor Quarles will expire in January, and if Powell chooses to leave the Federal Reserve completely after his term as chairman ends, his board seat will be the second vacancy. In Wednesday's decision, Federal Reserve Board members Kashkari and Bowman voted against, marking the first time since 1993 that two board members dissenting. Powell maintained that considering the uncertainty around the impact of Trump's tariff policies on the economy, the Fed's current stance is appropriate. Analysts believe that Powell's statements on Wednesday were carefully balanced, lowering expectations for a rate cut in September while not completely ruling out the possibility of a rate cut.