President Donald Trump kept up his pressure campaign against Federal Reserve chairman Jerome Powell.
Federal Reserve officials announced Wednesday they're keeping interest rates steady and indicated they're more concerned with rising inflation than slowing growth, and Trump dashed off a Truth Social post lambasting Powell for resisting his demand to dramatically cut rates.
"'Too Late' Jerome Powell is costing our Country Hundreds of Billions of Dollars," Trump posted Thursday at 10:04 a.m. EST. "He is truly one of the dumbest, and most destructive, people in Government, and the Fed Board is complicit. Europe has had 10 cuts, we have had none."
"We should be 2.5 Points lower, and save $BILLIONS on all of Biden’s Short Term Debt," the president added. "We have LOW inflation! TOO LATE’s an American Disgrace!"
The president touched on many of those same points the day before in a press event on the White House lawn, saying he had employed every tactic he could think of to pressure Powell into deeply cutting interest rates.
“I’m nasty, I’m nice – nothing works,” Trump told reporters.
Trump suggested that Powell "hates" him, but the committee’s statement and the chairman himself stated they were waiting to see how the president's tariffs impacted the economy later this summer before making cuts.