Donald Trump is showing why independent central banks are a good idea. The president’s double tirade against Federal Reserve Chairman Jerome Powell on Thursday conjured another dark cloud over financial markets and an economy repeatedly traumatized by his tariff and trade-war chaos.

Still, that hasn’t stopped Trump from trying to fire the Fed chair. “I don’t think he’s doing the job,” the President said Thursday, claiming that Powell cut interest rates “too late.” Powell was first nominated to lead the Fed by Trump in 2017 and renominated by President Joe Biden in 2022. His current term as chair extends until May 2026.