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The ongoing criticism by President Donald Trump against Federal Reserve Chair Jerome Powell continued on Monday, with the president writing on Truth Social, ″there is virtually no inflation" and that Powell is a "major loser."

Trump's ire was sparked last week when Powell warned on April 16, that the central bank could be limited in its options to cushion the economy from the fallout of a trade war.

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Unemployment and Inflation Are Likely To Go Up

“Unemployment is likely to go up as the economy slows, in all likelihood, and inflation is likely to go up as tariffs find their way and some part of those tariffs come to be paid by the public,” Powell said during a Q&A after his speech to the Economic Club of Chicago.

Trump responded in bombastic fashion, saying Powell’s “termination cannot come fast enough!” Trump later told reporters, “I’m not happy with him... if I want him out, he’ll be out of there real fast, believe me,”

‘Challenging Scenario'

Powell spoke about the “challenging scenario” for the central bank. “It’s a difficult place for a central bank to be, in terms of what to do,” he said, adding, “keeping in mind that without price stability, we cannot achieve the long periods of strong labor market conditions that benefit all Americans.”

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Trump lashed out a day later on social media, saying Powell “should have lowered Interest Rates... long ago, but he should certainly lower them now.”

Powell Stresses Independence

Powell reiterated the Fed's mandate  to serve the economy independently as “a matter of law” in  his Economic Club of Chicago speech, saying that his decision-making was “based on our best thinking, based on our best analysis” and not “any political pressure.” He did not mention the president by name. “People can say whatever they want,” Powell added. “That’s fine. That’s not a problem. But we will do what we do strictly without consideration of political or any other extraneous factors.”