President Donald Trump on Friday again derided Federal Reserve Chairman Jerome Powell for declining to cut interest rates as jobs growth came in lower than expected for July and the May and June figures were subjected to downward revisions.
“Too Little, Too Late. Jerome āToo Lateā Powell is a disaster. DROP THE RATE! The good news is that Tariffs are bringing Billions of Dollars into the USA!” Trump posted on Truth Social.
Trump has urged the Fed to cut interest rates to help bolster the economy as he negotiates trade deals across the globe. Powell declined to alter rates this week, despite the objections of two Fed board members.
The president has previously indicated that he did not feel inclined to fire Powell, despite rumors he may do so.
Powell implemented multiple rate hikes during the Biden administration in a bid to combat inflation.
