'Stubborn moron' Powell must lower interest rates: Trump warns 'if he continues to refuse...'
Donald Trump
unleashed a fiery reaction and blasted Fed Chairman
Jerome Powell
with a stream of insults for keeping the interest rate steady. In a post on Truth Social, the commander-in-chief called Jerome Powell 'stubborn moron' with a warning that if the Fed chair continues to refuse, the board should assume control.
"Jerome 'Too Late' Powell, a stubborn MORON, must substantially lower interest rates, NOW. IF HE CONTINUES TO REFUSE, THE BOARD SHOULD ASSUME CONTROL, AND DO WHAT EVERYONE KNOWS HAS TO BE DONE!," Trump said in the rant-filled post.
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On Thursday too, Trump lashed out at Powell and accused him of being 'too stupid' and 'too political' for the job after the central bank opted to keep interest rates unchanged for the fifth consecutive meeting.
'Jerome 'Too Late' Powell has done it again!!! He is TOO LATE, and actually, TOO ANGRY, TOO STUPID, \& TOO POLITICAL, to have the job of Fed Chair. He is costing our Country TRILLIONS OF DOLLARS, in addition to one of the most incompetent, or corrupt, renovations of a building(s) in the history of construction! Put another way,'Too Late' is a TOTAL LOSER, and our Country is paying the price!' Trump posted on his Truth Social platform, a day after the Federal Reserve announced its decision to hold the key lending rate steady.
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Fed keeps interest rates unchanged
The US central bank has kept interest rates unchanged again, despite pressure from President Donald Trump to lower borrowing costs. The decision, which was widely expected, left the Federal Reserve's key lending rate between 4.25% and 4.5%, where it has stood since December.
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But in an unusual dissent, two members of the board voted against the plan, saying they preferred to cut, which is a sign that support for lower rates may be broadening. The vote came as new economic data continued to fuel debate over what effects Trump's tariffs will have on the world's largest economy.
Trump has repeatedly insisted rates should be lower, down to 1% or less but Jerome Powell has taken little notice of Trump's long series of insults and repeatedly insisted he was focused on doing his job.
Powell has cited uncertainty around the president's trade agenda and the volatility of markets as a reason to hold interest rates steady. 'That is a risk to be assessed and managed,' he told reporters, as quoted AP.
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