Washington CNN — 

President Donald Trump on Thursday ratcheted up his criticism against Federal Reserve Chair Jerome Powell, calling for his termination one day after the central bank chief delivered a stark warning about the effect of Trump’s sweeping tariffs on the economy.

Trump on Thursday morning lashed out at the Fed leader in a social media post for not cutting interest rates, saying the central bank is lagging behind its European counterpart.

“Jerome Powell of the Fed, who is always TOO LATE AND WRONG, yesterday issued a report which was another, and typical, complete ‘mess!’ Trump wrote. “Powell’s termination cannot come fast enough!”

Powell on Wednesday said the Trump administration has brought “very fundamental policy changes,” including his sweeping tariffs that are “significantly larger than anticipated.” He said such changes are unlike anything seen in modern history, putting the Fed in uncharted waters and on a path to confront a challenge it hasn’t seen in decades; stagflation.

But Powell’s comments weren’t unlike those of other Fed officials in recent weeks. Most have said Trump’s tariffs are likely to push up inflation and unemployment. Some billionaires, such as Ray Dalio, have taken criticism of Trump’s tariffs a step further, saying the US economy might be in or near a recession already.

Powell was first appointed as Fed chair by Trump in 2018 and was later reappointed by President Joe Biden in 2021. His current term ends in May 2026.

This is a developing story and will be updated.