President Trump Slams Fed Chair Jerome Powell After Fed Rejects Rate Cut

President Donald Trump is continuing his broadside against Jerome Powell, criticizing the Federal Reserve chair for not slashing interest rates.

On Thursday, Trump took to his social media platform, Truth Social, to call Powell “a fool” who “doesn’t have a clue.”

The day before, the Federal Open Market Committee (FOMC) announced that it planned to maintain the target range for the federal funds rate at 4.25-4.5%, arguing that it was the most suitable level to achieve both maximum employment and controlled inflation.

“Uncertainty about the economic outlook has increased further. The Committee is attentive to the risks to both sides of its dual mandate and judges that the risks of higher unemployment and higher inflation have risen.”

The Fed has held interest rates steady since December, when it cut the rate by 0.25%.

While speaking to reporters on Thursday, Trump complained that talking to Powell is “like talking to a wall.”

“The Bank of England cut. China cut. Everybody’s cutting but him. I don’t know, we’ll see what happens. It’s a shame. I call him ‘Too Late.’ Too Late Powell, that’s his nickname. And it’s a shame, it’s ridiculous… he’s always too late. But in this case, it’s not going to matter that much because our country is so strong, we’re so powerful in terms of economic strength and what we’ve done.” 

 

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