President Trump again called on Jerome Powell to cut interest rates after threatening to oust the Federal Reserve chairman last week.

"There can be a SLOWING of the economy unless Mr. Too Late, a major loser, lowers interest rates, NOW," the president posted on his social media website Truth Social Monday morning, saying that "'Preemptive Cuts' in Interest Rates are being called for by many."

The president pointed to how Europe has already lowered rates “seven times” and that Powell has always been "Too Late."

The president also downplayed concerns about inflation, saying energy costs and food prices are down. "There is virtually no inflation," he said in his post.

The comments are the latest in an escalation of attacks on Powell after the policymaker said last week that the president’s tariffs would lead to higher inflation and lower growth and that the Fed would hold rates steady for now.

Trump on Friday said "Powell's termination cannot come fast enough and told reporters “I'm not happy with him. I let him know it, and if I want him out, he'll be out of there real fast, believe me.”

Republican Sen. John Kennedy, a member of the Senate Banking Committee, voiced support for Powell on "Meet the Press" Sunday, saying "I don’t think the president, any president has the right to remove the Federal Reserve chair" and that he thinks the Fed ought to be independent.

Chicago Fed president Austan Goolsbee on Sunday and Monday also reinforced the importance of the Fed's independence.

“I’ve been at the Fed for a little over two years. Before I was ever at the Fed, I would tell you, economists are basically unanimous that Fed independence is critically important,” Goolsbee said on CNBC Monday. “And to see why, just look at the countries where they don’t have Fed independence. Inflation is higher, unemployment is higher, growth is worse.”

White House economic adviser Kevin Hassett said Friday that Trump and his team are studying whether they can remove the Fed chair. Powell has repeatedly said that he can't be removed by law and intends to serve through the end of his term as chair in May 2026.

There is a case now before the Supreme Court that is testing Trump’s ability to remove board members at independent agencies in Washington, D.C., a case that some Fed watchers worry could threaten Powell if the administration wins.

But Powell said last week that "I don’t think that’s a case that will apply to the Fed." Nonetheless, the central bank is "monitoring it carefully."

The favorite to replace Powell, whenever it happens, is former Fed governor Kevin Warsh, who served as former Fed Chair Ben Bernanke’s liaison to Wall Street during the chaos of the 2008 financial crisis.