Donald Trump has grown impatient – to the point of holding Europe up as an example. That alone shows how frustrated the American president has become with Jerome Powell, chair of the Federal Reserve (Fed), whom he blames for weakening the US economy by not reducing borrowing costs. On Wednesday, June 4, the president once again attacked the central bank chief on his social network, Truth Social, after the release of data suggesting a slowdown in the American job market. "'Too Late' Powell [as Trump calls him] must now LOWER THE RATE. He is unbelievable!!! Europe has lowered NINE TIMES!" he complained.

Like any real estate investor, Trump is obsessed with interest rates. Lower interest rates are meant to spur growth by making credit more accessible. Conversely, higher rates penalize borrowers, slow economic activity and thus help contain inflation – the main mission of a central bank. As signs of an economic slowdown have started to appear in the US, the president has chosen to make Powell a scapegoat, hoping to avoid public demands for accountability over his erratic economic policies.

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