President Donald Trump on Thursday slammed Federal Reserve Chair Jerome Powell after the central bank left interest rates unchanged on Wednesday despite the president’s repeated calls for a rate cut.
Trump took to his Truth Social platform to blast Powell, whom he appointed as Fed chair in 2017 but has repeatedly criticized his leadership of the Federal Reserve in the years since.
“Jerome ‘Too Late’ Powell has done it again!!! He is TOO LATE, and actually, TOO ANGRY, TOO STUPID, & TOO POLITICAL, to have the job of Fed Chair. He is costing our Country TRILLIONS OF DOLLARS, in addition to one of the most incompetent, or corrupt, renovations of a building(s) in the history of construction! Put another way, ‘Too Late’ is a TOTAL LOSER, and our Country is paying the price!”
The Fed on Wednesday held its benchmark interest rate steady for the fifth consecutive meeting, citing uncertainty over the impact of tariffs on inflation and consumer prices as well as conditions in the labor market.
Chair Powell said at the post-announcement press conference that while inflation remains above the Fed’s 2% longer-run goal, the labor market is at roughly full employment, leaving the central bank in a good position to cut rates if economic conditions deteriorate.
He also noted that tariffs appear to be increasing consumer prices and pushing inflation data higher, though it’s unclear what the long-term impact on the economy will be.
“Higher tariffs have begun to show through more clearly to prices of some goods, but their overall effects on economic activity and inflation remain to be seen,” Powell said. He went on to explain that tariffs could lead to a one-time price hike, or they could lead to more persistent inflation that the Fed has to assess and manage.
Ahead of the Fed’s announcement on Wednesday, Trump touted the economy’s 3% growth in the second quarter, writing on Truth Social that it was “WAY BETTER THAN EXPECTED!” and added that, “‘Too Late’ MUST NOW LOWER THE RATE. No Inflation! Let people buy, and refinance, their homes!”
This is a developing story. Please check back for updates.
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