Federal Reserve Chairman Jerome Powell has once again drawn President Trump’s wrath amid Powell’s refusal to lower interest rates, despite pressure from the administration to do so.
“Jerome ‘Too Late’ Powell has done it again!!!” Trump wrote Thursday on Truth Social, blasting the Fed’s decision.
According to Reuters, the U.S. Federal Reserve maintained interest rates on Wednesday, with Powell noting that his decision was aimed at assuaging inflation rather than helping mortgage rates for first-time home buyers.
“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!” Trump continued in his statement.
The president’s feisty words for Powell come one week after he toured a construction project at the Federal Reserve, which Trump said was fraught with cost overruns. During his visit last week, he pressured Powell to lower interest rates.
“As good as we’re doing, we’d do better if we had lower interest rates,” he told reporters. “…Without us, the whole world collapses, so we should have lower interest rates.”
He also asserted last week that the United States could save over $1 trillion annually if interest rates were to drop.
“Put another way, ‘Too Late’ is a TOTAL LOSER, and our Country is paying the price!” Trump concluded on Thursday.
Powell’s term as the Federal Reserve Chairman ends next spring. According to a CNBC survey, 84 percent of respondents believe President Trump will fire Powell before his term is up.
However, President Trump has said he is “not planning” on firing Powell, although he noted earlier this month that he won’t “rule out anything”