Washington: US President Donald Trump on Tuesday again pressed the Federal Reserve chair to cut interest rates as soon as possible, repeating the charge that Jerome Powell is 'late' to cut rates.

According to Anadolu Agency, Trump asserted that there is 'No Inflation, and Prices of Gasoline, Energy, Groceries, and practically everything else, are DOWN!!!' He wrote on social media: "THE FED must lower the RATE, like Europe and China have done." Trump further questioned, "What is wrong with Too Late Powell? Not fair to America, which is ready to blossom? Just let it all happen, it will be a beautiful thing!"

Consumer inflation in the US unexpectedly inched down to 2.3% in April, from 2.4% in the previous month. The market had anticipated the figure to remain unchanged at 2.4%, as seen in March. Analysts note that these are likely the last inflation figures to not reflect Trump's policy of raising tariffs on countries worldwide, which have unsettled markets for weeks due to their size and unpredictability.

Last week, the Fed decided not to lower the policy rate, maintaining it in the range of 4.25% to 4.5%. Powell cited the tariffs as a reason for his decision, warning that they are likely "to generate a rise in inflation, a slowdown in economic growth, and an increase in unemployment."

Since last week, Trump has touted trade breakthroughs with Britain and China, leading markets to rise. Critics argue that rather than full-fledged deals, the announcements were merely frameworks for deals, and much more needs to be done to avoid damaging trade wars.