Trump rips Jerome Powell after Fed holds interest rates steady

President Donald Trump ripped into Federal Reserve Chair Jerome Powell on Thursday, calling him 'destructive,' after the central bank kept interest rates steady on Wednesday.
Trump said 'Too Late' Powell is costing the United States 'hundreds of billions of dollars' by not cutting rates, leveling a familiar criticism against the Fed chair who has repeatedly ignored Trump's pressure campaign to cut rates.
'We should be 2.5 Points lower, and save $BILLIONS on all of Biden's Short Term Debt,' Trump wrote Thursday on Truth Social.
Trump also criticized Powell late Wednesday, calling him a 'real dummy' in a near-midnight Truth Social post.
Powell, whose term ends in May of 2026, said Wednesday that, 'for the time being, we are well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policies.'
Trump's remarks were in response to the Federal Open Market Committee keeping its borrowing rate targeted in a range between 4.25%-4.5%, which is on par with where it's been since December.
The criticisms were not surprising, as the president has long slammed Powell for not lowering interest rates.
As recently as Wednesday morning, hours before the Fed was set to release its decision on interest rates, Trump said: 'So we have a stupid person. Frankly, you probably won't cut today.'
'Europe had 10 cuts, and we had none. And I guess he's a political guy, I don't know. He's a political guy who's not a smart person, but he's costing the country a fortune,' he said outside the White House.
Trump even mused about appointing himself to lead the Federal Reserve, saying, 'I'd do a much better job than these people.'
Trump has said that he intends to announce his pick for the next chair of the Federal Reserve ' very soon.'

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BBC News

31 minutes ago

• BBC News

US joining Israeli strikes would cause hell, Iranian minister tells BBC

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The Independent

36 minutes ago

• The Independent

Dubya Dubya II: Democrats see echoes of Bush Iraq War push in Trump's Iran nukes rhetoric

While Republicans largely fall in line behind President Donald Trump as he disregards experts and prepares for the United States to take on a larger role in Israel's war with Iran, using the pretense of nuclear weapons being built, Democrats are seeing flashbacks of the Iraq War. On Thursday, the White House said that the president would make his decision on whether to strike Iran in the next two weeks. This comes as the president has directly contradicted Director of National Intelligence Tulsi Gabbard on whether Iran is actively building a nuclear weapon. That raised alarms for Sen. Mark Warner (D-Va.), the vice chairman of the Senate Intelligence Committee. 'If this president wants to completely ignore the intelligence community, we are playing in dangerous ground, and this is exactly the way we got ourselves into Iraq,' he told The Independent on Thursday. The parallels are quite stark. In 2002, in the wake of the 9/11 terrorist attacks, President George W. Bush insisted that Iraq had weapons of mass destruction. At the time, the Bush administration maintained that Iraq posed an existential threat, with Secretary of State Colin Powell making the case in a presentation before the United Nations. After the United States invaded Iraq, it found little evidence of any weapons of mass destruction. Now, Warner's Democratic colleague from Virginia, Sen. Tim Kaine, has introduced a war powers resolution that would trigger debate and a vote for any military action against Iran. 'No one in Congress should on a matter of war, just say, let the President do what they want,' he told The Independent. 'The president can engage in self defense without an authorization, but the notion that we're being asked to join a bombing campaign in Iran is clearly offensive. I think it was. It's a horrible idea, but if my colleagues think it's a good idea, I think they should introduce war authorization.' Only six senators who voted against the Iraq War — either as members of the House of Representatives or as senators — remain in the Senate. 'We've discovered, particularly Middle East, it's easier to break things hard to put them together,' said Sen. Jack Reed, the top Democrat on the Senate Armed Services Committee. 'So, and we've seen operations like the invasion of Iraq under George W. Bush, which for the first few weeks looked like it was brilliant. Nothing happened. And four years later, we were wondering, what are we doing here and how do we get out?' By contrast, 14 senators in either capacity voted for the Iraq War. Senate Majority Leader John Thune voted for it as a member of the House and Senate Minority Leader Chuck Schumer, then in his first term in the Senate, voted for it. In addition, Schumer is considered a hawk on Israel and Iran, having opposed the 2015 Joint Comprehensive Plan of Action, the agreement brokered by the Obama administration and US allies to curb Iran's nuclear ambitions. The number of senators who remember the mistakes of Iraq continues to dwindle. Sen. Dick Durbin of Illinois, the Senate minority whip who voted against it, is retiring at the end of next year. Sen. Adam Schiff of California, a veteran congressman who became a senator last year, voted for the war as a member of the House. One of the opponents of the Iraq war who remains is Sen. Ron Wyden of Oregon, who sits on the Senate Intelligence Committee. Wyden voted against Gabbard's confirmation, but still criticized Trump. 'This wouldn't be the first time where Donald Trump has done an about face on foreign policy,' Wyden told The Independent. Sen. Bernie Sanders, the independent from Vermont who voted against the war as a congressman, who had his own resolution, joined onto Kaine's resolution. But even Democrats who came to Congress afterward, particularly those shaped by the War on Terror, want to rein in the president. Sen. Elissa Slotkin, a freshman from Michigan, joined the CIA after the September 11 attacks partly because she lived in New York on the day of the attack. Slotkin led a war powers resolution after Trump launched a strike that killed top Iranian military official Qasem Soleimani. She said she is looking at Kaine's language. 'I think Congress, ever since the Iraq War, has been scared to exercise their oversight role in war and Democrats and Republicans,' she told The Independent. 'So I've been pretty consistent that we need to get back to that.' By contrast, so far, few Republicans save for Sen. Rand Paul of Kentucky have raised reservations about war with Iran. Paul's father, former congressman Ron Paul, voted against the War in Iraq. Below is a list of Senators who voted for and against the War in Iraq who remain in Congress. Yes as Senators: Yes in the House: Adam Schiff (D-CA) John Boozman (R-AR) Lindsey Graham (R-SC) John Thune (R-SD) Roger Wicker (R-MS) Jerry Moran (R-KS) Ed Markey (D-MA) Shelly Capito (R-WV) Senators who voted No: Dick Durbin (D-IL) Patty Murray (D-WA) Jack Reed (D-RI) Ron Wyden (D-OR) Democrats who voted No as House members: Bernie Sanders (I-VT) Tammy Baldwin (D-WI)

Scottish Sun

an hour ago

• Scottish Sun

Israel's President calls out Starmer for ‘sitting on fence' and says Europe is next in line for Mullahs' missiles

Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) ISRAEL's president last night accused Britain of 'sitting on the fence' as his nation fights for its life against Iran. Embattled Isaac Herzog said it was Sir Keir Starmer's government's moral duty to support his strife-torn country's war on terror. Sign up for Scottish Sun newsletter Sign up 5 Sir Keir Starmer's government has been accused of 'sitting on the fence' Credit: EPA 5 Iranian Supreme Leader Ayatollah Ali Khameini Credit: Getty 5 Destruction in Israel after Iranian missile strikes Credit: AP And he told The Sun that Iran's missiles of mass destruction could one day be trained on the UK. In an exclusive interview at the presidential palace in Jerusalem, he said: 'There are things Britain cannot turn a blind eye to. It's obvious. 'And I think the British leadership should not only look at demonstrations or comments. We have to show them clear moral clarity. 'We are fighting the war that will protect Britain in the foreseeable future.' READ MORE ON ISRAEL CONFLICT DON'S WARNING Trump gives final deadline to Iran before launching attack Mr Herzog, a moderate political figure on the left of Israeli politics, added: 'You ask yourself, why would Iran have missiles reaching London? "Why? If London is not an enemy, then why? That is the question that needs to be asked.' He spoke out as Donald Trump, who has moved battleships and aircraft towards the Middle East warzone, last night appeared to give Iran a fortnight to agree to axe its nuclear programme. The Israel-backing US President, who yesterday signed off on a plan believed to involve ordering B-2 stealth bombers to wipe out Iran's surviving nuclear plant, said: 'I will make my decision whether or not to 'go' within the next two weeks.' Mr Trump, who has demanded Iran's immediate 'unconditional surrender' said he based his decision on the fact there was a 'substantial chance of negotiations' with Iran in the near future. President Herzog, 64, hit out as Keir Starmer's Labour government continued to fight shy of commitments to back ally Israel's war with the rogue terror state. Trump gives Iran two-week ultimatum before attack but Israel 'won't wait long' before bombing Fordow nuclear plant RAF Typhoon jets have been moved to a UK base in Cyprus but the PM and his Foreign Secretary David Lammy have sought to focus squarely on pleas for de-escalation. Sir Keir yesterday again urged all parties to back off as Britain prepared to enter crisis talks in Geneva with Iran. He said: 'The continuation of the current situation is in no-one's interest. We want to see cool heads and a return to diplomacy because that is the best route forward.' The UK has sanctioned two far-Right Israeli ministers over 'incitements of violence against Palestinian communities' in the occupied West Bank. Itamar Ben-Gvir and Bezalel Smotrich will be banned from entering the UK and will have any assets in the UK frozen. Mr Herzog spoke of his respect for British values as he poured out his frustration yesterday. The nation's figurehead, a political opponent of strongman PM Benjamin Netanyahu, let rip during a 20-minute defence of Israel's 'existential' war with Iran. And he spoke of his enduring pride in his father, late Israeli president Chaim Herzog, who was an officer in the British Army and battled the Nazis in World War II. He said: 'My father, you know, he was really a war hero in World War Two. 5 Israel's President warned Iran's missiles of mass destruction could one day be trained on the UK 5 Israel President Isaac Herzog spoke of his respect for British values as he poured out his frustration Credit: Doug Seeburg 'He was very proud of the fact that he served in the British Army. He saw the worst of atrocities when he fought the Nazis and liberated the concentration camps. And we always believed, and I always believed, in the uniqueness of the British parliamentary system.' Mr Herzog went on to warn ­Britain that Iran must be stopped, and that Israel was at a now or never moment when there had never been a better time to end the terror from Iran and its proxies such as Hezbollah and the Houthis. He told The Sun: 'Ask yourself, why would a small tribe of 50,000 Yemenite Houthis receive ballistic missiles and cruise missiles? Ballistic missiles is something only empires have. It's all planned and arranged by Iran. It's a war machine planned against us. 'But, truly, the next ones in line are the Europeans and the 'infidels' as they call them. 'So let's not delude ourselves and let's all join together in identifying the national security risks of all these nations who have to stand up to Iran and say, 'No more'. 'Enough with your terror cells, enough with your jihadist cells, enough with your proxies and enough with your nuclear programme. 'We are defending Europe' 'It's now or never. Iran went on procrastinating for decades and decades and there were all sorts of windows of opportunity. 'Each time they told us, 'OK, let's give it a chance . . . let's have an agreement. Let them do X or Y'. 'But underneath, they had covert operations of lying. Their covert operation threatens Middle East stability and world stability. That's what people don't get. 'They love to criticise Israel automatically. But we are defending the West. We are defending Europe.' Mr Herzog saluted German Chancellor Friedrich Merz for his recent show of support as he urged Sir Keir Starmer to follow suit. And he called on the people of Iran to rise up against terror stoking Supreme Leader Ayatollah Ali Khameini in his nation's strongest call yet for regime change. He told The Sun: 'The chancellor of Germany said it beautifully. 'He said Israel is doing the dirty work for us. It's true. 'We are here at the frontier of a clash of civilisational values vis-à-vis jihadists. That's what we are dealing with. The world, for 80 years, has made clear that nuclear capabilities are the most dangerous thing if they are linked with an extreme, cruel, jihadist ideology. Isaac Herzog 'I trust President Trump. I think he sees it lucidly. I don't want to go into bombastic declarations but I think that he sees things correctly and my message to the people of Iran is very clear, 'We do not seek war but this war is your opportunity to uprise and bring change in your country. Totally uprise and change direction'. 'It's not one of our main plans or aims, but it is a major, major side-effect of our campaign. Our prime minister and our executive branch, they're taking care of it.' Referring to Ali Khameini, he said: 'It is clear that the leader of this war machine of terror, of atrocities, he himself is in charge of everything. 'He's taking billions of dollars off his own people from their food to spend on this terrible machine of cruelty. The world has to stand up to him once and for all.' Mr Herzog said he trusted Donald Trump to end Iran's reign of terror across the Middle East but said Israel's military had the power and the guile to win the war solo. Asked if his military could go it alone, he told The Sun: 'Israel can. It has many capabilities. We haven't shown everything yet. 'And we are very cautious in commenting about President Trump's considerations or decision-making process. We respect him immensely and we leave it up to him to take the historic decision. 'What we're doing is strictly in line with national security interests of all these major countries — all the G7 countries. 'We are showing our ingenuity and capabilities. We have a lot in stock. I don't want to brag about it. 'I met pilots yesterday who flew 2,300 kilometres and destroyed armaments that were aimed at us. 'And now they hit the Arak nuclear plantation and other places. That's a huge achievement. 'The world, for 80 years, has made clear that nuclear capabilities are the most dangerous thing if they are linked with an extreme, cruel, jihadist ideology.' The president said he hoped for an historic change, possibly within the next seven days, as Israel's vast military operation continued. He said: 'I sincerely hope that there will be a different balance that will block Iran, make clear that they cannot go on with that nasty, terrible game of theirs all over the world and in the region. 'They cannot threaten Israel's existence and move to the bomb — it's clear — and that is our aim.'