U.S. President Donald Trump on Wednesday appeared to suggest he knew more about interest rates than Federal Reserve Chairman Jerome Powell and that rates should be cut. "Mortgage rates are actually down slightly even though I have a guy in the Fed that I'm not a huge fan of,

Jerome Powell's current term as the Federal Reserve Chair is up in May 2026, and he's said Trump firing him before then would be against the law.

On Monday morning, Trump again lashed out at Powell on his Truth Social, calling the Fed chair "a major loser" and demanding he lower interest rates "NOW." The stock market, which had begun to calm from tariff-induced panic, quickly plunged, with the S&P 500 closing down 2.3%.