Donald Trump, in a social-media post, said Fed chairman Jerome Powell should “resign immediately.” It was an escalation of his public complaints about Powell, who Trump believes is keeping interest rates high for no reason.

The Fed chief has repeatedly declined to say whether he will step down when his four-year term as chair expires in May, or remain on the Fed board.

Federal Reserve Chair Jerome Powell said on Tuesday he would not rule out a potential interest rate cut as soon as this month. The remarks come amid a public pressure campaign from President Donald Trump, who has repeatedly urged Powell to slash interest rates.