Trump calls Fed Powell’s president to a “fool” but despite relentless attacks, he may hold it for a key reason

• President Donald Trump Fed President Jerome Powell has relentlessly attacked, since he submitted his post, he was more recently called a “fool” on Thursday morning after the Fed chose to maintain constant interest rates the day before. However, while Trump has stated that Powell could be eliminated if he wanted it, he may be maintaining the Fed chair to serve as a scapegoat in case the economy shows signs of weakness.

Since its restart, President Trump has relentlessly attacked Federal Reserve President Jerome Powell. Although, despite the insults, Trump may maintain Powell for at least a key reason.

The President on Thursday launched his last attack on Powell, calling – “fool” after Fed chose to maintain constant interest rates On Wednesday.

“Too Late” Jerome Powell is a fool, who has no idea. Apart from that, I really like it! Oil and energy drops, almost all costs (groceries and “eggs”), virtually no inflation, money rates that are poured into the United States, exactly the opposite of “too late!” Enjoy, ”Trump wrote in a social truth position Early Thursday.

The President has previously exploded if he would say goodbye Powell. During a meeting with the Italian Prime Minister Giorgia Meloni last month Trump stated that if he wanted, Powell could be eliminated “Fast real”. However, he then harden and in an interview with Know the press That he issued this week, reiterated he would not shoot Powell.

“Why would I do it? I will replace the person in another period of time,” Trump said to eliminate Powell.

Powell’s term as President of the Fed is in May 2026 and said that he wants to fulfill the rest of his term. Eliminating — would be a rare sign of interference with the independent central bank and probably lead to the instability of the market.

However, Trump may have another good reason to keep Powell around, said Robert R. Johnson, a Professor of Finance at the University of Creightton.

“I think Trump’s criticism of Fed President Jerome Powell Fortune. “That is, according to Trump, if the economy works well its fare policies and its overall management of the economy will be the reason. If the economy suffers from a recession, it is Powell’s fault.”

The weight of 10% of Trump base tariffs, in addition to 145% of the rates in China, has already begun to appear in the economy. Several companies have announced Higher prices to come, and the US GDP hired According to the Department of Commerce, for the first time in three years of the first quarter.

However, the economy is not bad. While unemployment and inflation risks have increased compared to March, Powell noticed On Wednesday that the foundations of the economy are strong.

“If you look at the type of distortion in the first quarter GDP, you still have an economy that seems to grow at a solid pace. The labor market seems to be solid. Inflation is working a little above two percent. It is an economy that has been resistant and in good shape.”

This story originally presented to Fortune.com