Trump slams Jerome Powell again, blames Fed Chair for ‘hurting' housing industry ‘very badly' amid major rate cut demand
In a post on the Truth Social platform, Trump wrote, "Could somebody please inform Jerome "Too Late" Powell that he is hurting the Housing Industry, very badly? People can't get a Mortgage because of him. There is no Inflation, and every sign is pointing to a major Rate Cut."
Trump's recent criticism of Powell comes before the Fed chair's speech at the upcoming Jackson Hole central banking symposium on Friday. Investors will closely watch his remarks to understand his economic outlook and hints of a future cut in short-term borrowing costs.
Inflation is still below the pandemic highs, but recent data show mixed signals, and inflation remains above the Fed's 2% target.
The Fed's next policy meeting will be held on September 16-17.
Investors and economists expect the Fed to cut rates by a quarter of a percentage point next month, with a possible similar reduction later this year, Reuters reported. This is much less than the several percentage points Trump has advocated for.
Meanwhile, Trump's Treasury secretary, Scott Bessent, has called for a half-point rate cut in September.
Last September, the US central bank lowered its policy rate by half a percentage point just before the presidential election. It then reduced it by another half a percentage point in the two months after Trump's victory. However, throughout this year, the rate has remained steady within the 4.25% to 4.50% range. Fed policymakers have expressed concern that Trump's tariffs might trigger renewed inflation and believe the labour market is strong enough that lower borrowing costs are unnecessary.
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