Source: REUTERS
President Donald Trump is once again unleashing harsh criticism toward Federal Reserve Chairman Jerome Powell, accusing him of failing the country by refusing to slash interest rates.
Following the Federal Reserve’s announcement on Wednesday that interest rates would remain steady amid growing concerns over inflation, Trump took to Truth Social Thursday morning to air his grievances.
“‘Too Late’ Jerome Powell is costing our Country Hundreds of Billions of Dollars,” Trump wrote at 10:04 a.m. EST. “He is truly one of the dumbest, and most destructive, people in Government, and the Fed Board is complicit. Europe has had 10 cuts, we have had none.”
The Fed’s decision came with a warning that inflation remains a persistent issue. Officials signaled they are more focused on containing price increases rather than responding to slowing economic growth—an approach Trump vehemently opposes.
“We should be 2.5 Points lower, and save $BILLIONS on all of Biden’s Short Term Debt,” Trump continued in his post. “We have LOW inflation! TOO LATE’s an American Disgrace!”
Trump’s criticism wasn’t limited to social media. Speaking to reporters Wednesday during a press event on the White House lawn, he accused Powell of ignoring his repeated efforts to influence monetary policy.
“I’m nasty, I’m nice – nothing works,” Trump said, expressing frustration over what he perceives as Powell’s unwillingness to cooperate.
The president went so far as to claim personal animosity from the Fed chair. He hates me,” Trump said, suggesting Powell’s resistance to cutting rates is politically motivated.
However, the Federal Reserve’s official statement and Powell himself indicated that the committee is taking a cautious approach. They’re holding off on any cuts until more economic data is available particularly the impact of tariffs implemented under Trump’s administration that are expected to ripple through the economy later this summer.
This is not the first time Trump has clashed with Powell, whom he nominated as Fed chair in 2017. Their tense relationship became a hallmark of his presidency, with Trump often publicly criticizing Powell for not aligning with his aggressive economic agenda.
With the 2024 presidential election approaching, Trump’s renewed attacks on Powell may signal an attempt to frame the economy and the Fed’s policies as key battleground issues.
READ NEXT
- “A Foreign Influence Operation”: JD Vance Explodes Over Politico Report Targeting Trump Peace Envoy Steve Witkoff
- Katy Perry Seeks $5 Million in Damages After Judge Rules Westcott Was “Coherent, Engaged, Lucid, and Rational” in Mansion Deal
- Kate Middleton’s “Outlook Has Changed” as She Makes Intentional Return to Public Duties After Cancer Treatment
- “Instead of Being a Point of Pride”: Trump Administration Seizes Control of D.C.’s Union Station After Officials Heckled
- Illinois Man Accused of Secretly Giving Girlfriend Abortion Pills, Causing Miscarriage
