Trump criticises Powell after Fed holds Interest rates steady

U.S. President Donald Trump has sharply criticised Federal Reserve Chair Jerome Powell following the central bank’s decision to keep interest rates unchanged.

Trump claimed that Powell has cost the country trillions of dollars.

In a post on his Truth Social account, Trump continued his attacks on Powell, describing him as “very late, very angry, very dumb and very political.”

The President added that Powell “is costing our country trillions and overseeing one of the most incompetent or improper building renovations in construction history.”

Yesterday, the Fed held interest rates steady at 4.25-4.50 %, in line with expectations, while noting that inflation remains elevated.

The statement also revealed that Federal Open Market Committee (FOMC) members Michelle Bowman and Christopher Waller opposed the decision to keep rates unchanged and favoured a 25 basis point cut instead.

Following the announcement, Fed Chair Jerome Powell said it was too early to say whether a rate cut would occur in September.

Copied