President Donald Trump on Monday continued his criticism of Federal Reserve Chair Jerome Powell, calling him a "major loser" and saying the central bank should make "preemptive cuts" to interest rates.

"'Preemptive cuts' in Interest Rates are being called for by many," Trump wrote in a post on Truth Social. "With Energy Costs way down, food prices (including Biden's egg disaster!) substantially lower, and most other 'things' trending down, there is virtually No Inflation."

"With these costs trending down so nicely, just what I predicted they would do, there can almost be no inflation, but there can be a SLOWING of the economy unless Mr. Too Late, a major loser, lowers interest rates, NOW," he continued.