'Too late': Donald Trump slams Jerome Powell, calling him one of the 'dumbest and most destructive'; accuses Fed chief of costing US billions
US President
once again slammed Federal Reserve Chairman Jerome Powell, accusing him of costing the country hundreds of billions of dollars after the central bank kept the interest rates unchanged.
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"Too Late," Trump tweeted, calling Powell one of the "dumbest" and most "destructive" people in government.
"Too Late" Jerome Powell is costing our Country hundreds of billions of dollars. He is truly one of the dumbest, and most destructive, people in Government, and the Fed Board is complicit," Trump posted on Truth social.
Trump expressed frustration after the Fed chose to keep interest rates unchanged, despite European countries implementing multiple rate cuts.
He argued that the US should have already reduced rates by 2.5 points to save billions on short-term debt, highlighting the country's low inflation as justification for the cuts.
"Europe has had 10 cuts, we have had none. We should be 2.5 Points lower, and save $BILLIONS on all of Biden's Short Term Debt. We have LOW inflation! TOO LATE's an American Disgrace!" Trump noted.
He had earlier called Powell a 'real dummy' and claimed he was "costing America billions."
Trump also shared an article in which an investor argued Powell should resign immediately if he failed to cut short-term interest rates, saying the Fed's slow actions were hurting the housing market and that inflation had dropped enough to justify a rate cut.
The US Federal Reserve decided to keep its benchmark interest rate unchanged for the fourth straight meeting, sticking with a range between 4.25% and 4.50%.
Fed Chair Jerome Powell said the central bank was in no rush to act and would monitor inflation trends and the impact of Trump's new tariffs over the summer.
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'We'll make smarter and better decisions if we just wait a couple of months,' Powell said, suggesting a cautious stance given the mixed economic signals.
The Fed also revised its outlook—cutting its 2025 growth forecast from 1.7% to 1.4%, and raising inflation expectations to 3% and the unemployment rate to 4.5%.From 'stupid' to 'worst ever.'
Trump's criticism of Powell is not new. In the past, Trump has publicly attacked the Fed chairman, including calling him 'stupid' just before the rates were announced.
Trump has suggested that cutting rates will lower the interest America pays on its debt—an argument critics say overlooks the inflationary risks of such moves.
The Fed noted that Trump's sweeping 10% tariffs on major trading partners were likely to increase inflation and slow growth.
Powell added that the full effects were still unclear and may not be visible for several months. "Because the economy is still solid, we can take the time to actually see what's going to happen," he said.
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