In a post on Truth Social, Trump stated: “Too Late” Jerome Powell is costing our nation hundreds of billions of dollars. He is truly one of the dumbest and most destructive individuals in government, and the Fed Board is complicit. Europe has had 10 cuts, while we have had none. We should be 2.5 points lower, saving billions on all of Biden’s short-term debt. We have low inflation! TOO LATE’s an American Disgrace!”
Trump later followed up with another post late Wednesday, referring to Powell as a “real dummy.”
Also Read: US Federal Reserve leaves its key rate unchanged but sees two cuts this year
This criticism emerged after the Federal Reserve decided to keep interest rates steady on Wednesday. Powell, whose term concludes in May 2026, mentioned that the Fed is adopting a wait-and-see strategy: “For now, we are well-positioned to wait to understand the likely direction of the economy before considering any changes to our policies.”
Trump’s comments were a reaction to the Federal Open Market Committee maintaining its borrowing rate within a range of 4.25%-4.5%, consistent with levels seen since December.
These criticisms weren’t unexpected, as the president has consistently targeted Powell for not reducing interest rates.
Also Read: Fed chair Powell says rate path unclear but tariff impact is coming
Earlier on Wednesday morning, just hours before the Fed’s interest rate announcement, Trump remarked: “So we have a stupid person. Frankly, you probably won’t cut today.”
First Published: Jun 20, 2025 12:11 AM IST
