President Donald Trump on Thursday offered harsh words for Federal Reserve Chairman Jerome Powell opted to hold interest rates steady this week, rather than lower them as the president had requested.
Powell’s decision was somewhat controversial, with two members of the Fed board voting against him on the matter.
“Jerome âToo Lateâ Powell has done it again!!! He is TOO LATE, and actually, TOO ANGRY, TOO STUPID, & TOO POLITICAL, to have the job of Fed Chair,” Trump posted on Truth Social. “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,âToo Lateâ is a TOTAL LOSER, and our Country is paying the price!”
The decision also came as annualized GDP growth came in at 3%. Trump has hoped for a rate cut to spur economic growth and to stabilize markets as he pursues a near-total rewrite of global trade rules.
