Federal Reserve Chair Jerome Powell is once again in the hot seat. US President Donald Trump has ramped up pressure on the head of the central bank, relentlessly criticizing Powell and urging him to step down. Tough luck for the Fed chief.

Without mentioning his rival by name, Trump wrote on Truth Social, "'Too Late' should resign immediately!!!" The president has repeatedly attacked the Fed chair for what he calls "too late" interest rate cuts.

In the latest round of rhetoric, Trump cited comments from Bill Pulte, head of the Federal Housing Finance Agency, who called for an investigation into Powell's conduct. Previously, Powell had been accused of delivering "misleading" testimony to the US Senate regarding the planned reconstruction of the Fed's headquarters.

Against this backdrop, Pulte joined Trump's chorus of criticism, also calling on Powell to resign. He further backed the president's demands for immediate rate cuts.

Trump has long insisted that Powell should slash interest rates by 2-3 percentage points below current levels. In response, the Fed chairman has warned that the president’s trade tariffs could potentially stoke inflation. These inflation concerns are precisely what have kept the central bank from moving ahead with rate reductions.

Mounting attacks on the central bank chief have fueled worries that Trump could remove Powell before his term expires in May 2026. These concerns are not unfounded. According to a recent report, Trump has the authority to announce Powell's replacement early as a way to undermine the Fed chair's credibility.