Washington, April 30 : US President Donald Trump blasted Federal Reserve Chairman Jerome Powell after the central bank chief said he would stay on as a governor.

"Jerome 'Too Late' Powell wants to stay at the Fed because he can't get a job anywhere else -- Nobody wants him," Trump wrote on his Truth Social account on Wednesday (Local time), reports Xinhua

Earlier, Powell confirmed he will step down as chair on May 15 but plans to remain on the Federal Reserve Board as a governor for a period. He said recent developments influenced that decision.

warned that the central bankâ??s independence is â??at riskâ?? amid what he called unprecedented legal challenges, raising concerns about its ability to set policy free from political pressure.

â??These legal actions by the administration are unprecedented in our 113-year history,â?? Powell said on Wednesday (local time). He added that such moves are â??battering the institutionâ?? and could undermine its role in guiding the economy.

Powell said the issue is critical for economic stability. â??It is so importantâ?¦ that they can depend over time on a central bank that operates that way, free of political influence,â?? he said.

He noted that the Federal Reserve has already had to defend its authority in court. â??Weâ??ve had to go to courtâ?¦ to defend it,â?? he said, warning of â??ongoing threats of additional such actions.â??

The Fed chief stressed that credibility depends on independence from elected officials. â??That piece of institutional architecture separates successful countries from unsuccessful countries,â?? he said.

He said political influence over interest rate decisions would erode trust. â??If thatâ??s what we were doing, weâ??d have no credibility, markets would lose faith in us,â?? Powell said.

â??I had long planned to be retiringâ?¦ but the things that have happenedâ?¦ have left me no choice but to stay until I see them through,â?? he said.

He rejected suggestions that staying on is political. â??Iâ??m literally staying because of the actions that have been taken,â?? Powell said.

Powell said the goal is to preserve the Fedâ??s ability to act without political considerations. He stressed that monetary policy must be guided by economic data and analysis, not electoral pressures.

â??Think about it this way -- that you want people to make monetary policyâ?¦ and focus only on that and ignore political considerations,â?? he said.

He said independence is rooted in both law and long-standing norms. â??Thereâ??s a boundary line between the Fed and the administrationâ?¦ and we need to respect those boundaries,â?? he said.

In response to a question, Powell acknowledged that the institution is under strain but expressed confidence in its resilience. â??I am confidentâ?¦ that the Fed will continue to make its decision based on analysisâ?¦ and not on political considerations,â?? he said.

Central bank independence has been a cornerstone of modern economic policy, allowing authorities to control inflation and stabilise economies without political interference.

/IANS