Wells Fargo CEO Charlie Scharf said he “absolutely” supports the Federal Reserve’s independence, but that President Donald Trump is free to express his beliefs on how the central bank should set monetary policy.

The Fed has to be and currently is independent, Scharf said in an interview on CNBC’s “Squawk Box” Wednesday, where he referenced the fact that the central bank’s leaders serve distinct terms from elected politicians like the president. However, he added, there’s a difference between Trump opining on interest rates and the president impacting the Fed’s independence.

“I think the administration is entitled to be vocal about it, and I think the Fed should do what it believes it should do based upon the information that it sees,” Scharf said.

It’s not new for politicians to give their thoughts on the Fed’s rate decisions, Scharf said, but Trump “happens to be very vocal” about them.

Trump has repeatedly called for the central bank to lower interest rates and launched unprecedented attacks on Fed Chair Jerome Powell, whom he has given the nickname “Too Late” in reference to the Federal Open Market Committee not reducing its benchmark interest rate since December 2024.

The president also has attempted to fire Fed Governor Lisa Cook in August after his housing finance chief, Bill Pulte, accused her of mortgage fraud. On Tuesday, a judge blocked Cook’s dismissal while a lawsuit challenging the move proceeds through the court system.

Markets widely expect the Fed to lower interest rates at its September meeting, as recent inflation data has come in lighter than expected and the labor market shows signs of trouble. CME FedWatch currently calculates a 90% chance the central bank will cut 25 basis points, and a 10% chance it’ll cut 50 basis points.

“‘Too Late’ must lower the RATE, BIG, right now. Powell is a total disaster, who doesn’t have a clue!!!” Trump posted on Truth Social on Wednesday morning.