President Donald Trump slammed Federal Reserve Chair Jerome Powell on Thursday, reiterating his frustration that the Fed has not aggressively cut interest rates and saying that the central bank leader's "termination cannot come fast enough.” Trump hinted at moving to fire Powell, whose term does not expire until May 2026. The Republican president's broadside comes a day after Powell signaled that the Fed will keep its key interest rate unchanged while it seeks "greater clarity” on the impact of policy changes in areas such as immigration, taxation, regulation and tariffs. Trump and members of his economic team have said they would like longer-term interest rates to fall, which would make it cheaper for Americans to borrow to buy homes, cars and appliances. Yet the Fed controls a short-term rate and can only indirectly affect longer-term borrowing costs, which rose after Trump announced sweeping tariffs. Powell also reiterated that Trump's tariffs would likely raise inflation and slow the economy, which could make it harder for the Fed to cut rates anytime soon. In remarks Wednesday in Chicago, the Fed chair suggested that the central bank will focus on fighting inflation in the wake of the tariffs, even if the duties did weaken the economy. Powell's comments contributed to a drop in stock prices Wednesday. Powell was initially nominated by Trump in 2017, and he was appointed to another four-year term by President Joe Biden in 2022. At a November news conference, Powell indicated he would not step down if Trump asked him to resign. He has also said that the removal or demotion of top Fed officials was “not permitted under the law.” Trump's comments come with the backdrop of a legal case at the Supreme Court that could determine whether presidents can fire the heads of independent agencies such as the Fed. Powell said the Fed is watching the case closely, adding that it might not apply to the Fed. Lawyers for the Trump administration have also argued that allowing the president to fire the two officials wouldn't erode the Fed's independence.