President Donald Trump escalated his feud with Federal Reserve Chair Jerome Powell Friday over not cutting interest rates, and threatened that the Federal Reserve Board should step in and take control from Powell in the absence of any rate cuts.

“Jerome ‘too late’ Powell, a stubborn moron, must substantially lower interest rates, now,” Trump wrote in a post on his social media platform Truth Social. “If he continues to refuse, the board should assume control, and do what everyone knows has to be done!”

Trump has increased his attacks on Powell in recent months over his refusal to lower interest rates, which, currently sitting at around 4.33%, impact the interest rates of everything from mortgages to car loans, and can have major effects on investments.

Powell has yet to reduce interest rates in Trump’s second term, however, leading the president, who said he wants interest rates to be dropped to 1%, to consider replacing Powell with someone who would slash the rates. While Trump has since walked back that idea after receiving pushback, his administration has since launched an investigation into Powell over renovations to the central bank headquarters in Washington, D.C., an investigation critics label as a tool to establish pretext for Powell’s firing.

Critics have also warned that an arbitrary interest rate cut could end up backfiring and have the opposite effect of increasing real-world interest rates, largely over investor panic and a loss of credibility at the Federal Reserve.

On Wednesday, Powell announced that he and the Federal Reserve Board had no immediate plans to lower interest rates, citing economic uncertainty under the Trump administration and its reciprocal tariffs, as well as the tariffs’ potential impacts on inflation.

“Higher tariffs have begun to show through more clearly to prices of some goods, but their overall effects on economic activity and inflation remain to be seen,” Powell said at a press conference Wednesday.