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President Donald Trump criticized Federal Reserve Chair Jerome Powell on Thursday after the interest rates remained unchanged on Wednesday due to claims of economic uncertainty.
The president referred to Powell as a “FOOL” on Truth Social, arguing that the American economy is growing stronger under his leadership.
“‘Too Late’ Jerome Powell is a FOOL, who doesn’t have a clue. Other than that, I like him very much!” Trump wrote.
“Oil and Energy way down, almost all costs (groceries and ‘eggs’) down, virtually NO INFLATION, Tariff Money Pouring Into the U.S. — THE EXACT OPPOSITE OF ‘TOO LATE!’ ENJOY!” he continued.
The central bank left its rate at the range of 4.25 to 4.5 percent on Wednesday, with no drop in rates since December of last year.
The Federal Open Market Committee (FOMC) announced that “[u]ncertainty around the economic outlook has increased further” under Trump’s tariffs efforts.
“Although swings in net exports have affected the data, recent indicators suggest that economic activity has continued to expand at a solid pace,” the FOMC explained. “The unemployment rate has stabilized at a low level in recent months, and labor market conditions remain solid. Inflation remains somewhat elevated.”
Trump’s comments are part of ongoing criticisms against Powell’s decision-making. Last month, the president said the chair’s termination “cannot come fast enough.”
“The ECB is expected to cut interest rates for the 7th time, and yet, ‘Too Late’ Jerome Powell of the Fed, who is always TOO LATE AND WRONG, yesterday issued a report which was another, and typical, complete ‘mess!’” Trump wrote.
“Oil prices are down, groceries (even eggs!) are down, and the USA is getting RICH ON TARIFFS. Too Late should have lowered Interest Rates, like the ECB, long ago, but he should certainly lower them now. Powell’s termination cannot come fast enough!” he added.
Trump’s reference to Powell being “too late” followed the chairman’s remarks about showing patience on Trump’s tariffs and economic efforts before changing rates.
“As that great Chicagoan Ferris Bueller once noted, ‘Life moves pretty fast,’” Powell said in a speech to the Economic Club of Chicago, Newsmax reported. “For the time being, we are well positioned to wait for greater clarity” on the impact of policy changes in areas such as immigration, taxation, regulation, and tariffs, Powell said.
Powell’s four-year term as chair of the Federal Reserve extends until May 2026.
