In a post on the social network Truth Social, Donald Trump writes that the Fed's key interest rate should already have been lowered by 2-3 percentage points and that Jerome Powell must explain why he has not already lowered the interest rate.
"We will pay for his incompetence for many years to come", Trump writes and urges the Fed's board of directors to act in the post with capital letters.
Powell is to be questioned in the House of Representatives' finance committee on Tuesday, starting at 16 Swedish time. Another hearing will then take place in the Senate's banking committee on Wednesday.
The hearings come after the Fed decided less than a week ago to leave the key interest rate unchanged at 4.25-4.50 percent.
