(Reuters) – The U.S. economy could slow down unless interest rates are lowered immediately, President Donald Trump said on Monday, repeating his criticism of Federal Reserve Chair Jerome Powell.

“With these costs trending so nicely downward, just what I predicted they would do, there can almost be no inflation, but there can be a SLOWING of the economy unless Mr. Too Late, a major loser, lowers interest rates, NOW,” Trump said in a post on Truth Social.

U.S. stocks, which opened lower on Monday on investor worries about Trump’s escalating attacks on Powell, slid further after the president’s social media post. The benchmark S&P 500 Index was down 2% on the day.

The Fed’s wait-and-see approach on interest rates has angered Trump. On Friday a Trump adviser said the administration is studying options for firing Powell, fueling concerns about the central bank’s autonomy and rattling investors grappling with an intensifying trade war.

(Reporting by Ismail Shakil in Ottawa; Editing by Doina Chiacu)