‘TOO LATE!’ Trump Taunts Jerome Powell After Criminal Investigation Revelation

(Julia Demaree Nikhinson/AP photo)

President Donald Trump taunted Federal Reserve Chairman Jerome Powell on Tuesday morning, just a couple of days after Powell revealed that he was being investigated by Trump’s Department of Justice.

“JUST OUT: Great (LOW!) Inflation numbers for the USA. That means that Jerome ‘Too Late’ Powell should cut interest rates, MEANINGFULLY!!!” declared Trump in a Truth Social post. “If he doesn’t he will just continue to be, ‘TOO LATE!’ ALSO OUT, GREAT GROWTH NUMBERS. Thank you MISTER TARIFF! President DJT.”

Earlier Tuesday morning, the Bureau of Labor Statistics announced that the Consumer Price Index had risen at an annualized rate of 2.7% in December, the same increase it had in November.

“Inflation remains a challenge, with core PCE inflation holding above the Federal Reserve’s 2% target for 55 months,” Seema Shah, chief global strategist at investment firm Principal Asset Management, told CBS News on Tuesday.

“Today’s inflation report doesn’t give the Fed what it needs to cut interest rates later this month,” opined Ellen Zentner, chief economic strategist for Morgan Stanley Wealth Management.

Powell announced on Sunday that he was facing a criminal investigation into his testimony before Congress last June, asserting in a video statement that the real reason for the investigation was his refusal to lower interest rates, as Trump has urged.

“This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions—or whether instead monetary policy will be directed by political pressure or intimidation,” said Powell.

A number of Republicans have expressed their dismay over the probe into Powell.

“If there were any remaining doubt whether advisers within the Trump Administration are actively pushing to end the independence of the Federal Reserve, there should now be none. It is now the independence and credibility of the Department of Justice that are in question,” declared Senator Thom Tillis (R-NC) on Sunday. “I will oppose the confirmation of any nominee for the Fed—including the upcoming Fed Chair vacancy—until this legal matter is fully resolved.”

“I haven’t seen the case or whatever the allegations or charges are, but they better be real, and they better be serious,” remarked Senate Majority Leader John Thune (R-SD) on Monday.