Earlier on Friday, Trump once again publicly called out Jerome Powell, demanding a full one-percentage-point rate cut. In a social media post, Trump again used his nickname for Powell, “Too Late,” writing:

“The Fed’s ‘Too Late’ is a disaster! Europe has already cut rates ten times, and we (the U.S.) haven’t cut once. Despite him (Powell), our country is still doing well. Cut a full point—rocket fuel!”

Since Trump took office this year, the Federal Reserve has held steady, refraining from rate cuts. Back in late January, when Trump directly lashed out at Powell, Wall Street news outlet Jianwen noted that Peter Conti-Brown, a Fed historian at the University of Pennsylvania, commented:

“What Trump says to the Fed doesn’t matter as much as what he actually does.”