Trump, in a post on his social media platform Truth Social, reiterated his stance on rate cuts, saying that Powell "should have lowered interest rates, like the (European Central Bank), long ago, but he should certainly lower them now." The Fed's benchmark interest rate is currently 4.25%-4.50%, where it has been since December following several rate cuts late last year. Trump's comments come a day after Powell said at an event at the Economic Club of Chicago that the Fed's "independence is very widely understood and supported in Washington and in Congress where it really matters."