President Donald Trump woke up Wednesday morning and took aim at Federal Reserve chair Jerome Powell.
“‘Too Late’ Jerome Powell is a FOOL, who doesn’t have a clue. Other than that, I like him very much! Oil and Energy way down, almost all costs (groceries and ‘eggs’) down, virtually NO INFLATION, Tariff Money Pouring Into the U.S. — THE EXACT OPPOSITE OF ‘TOO LATE!’ ENJOY!” He posted on Truth Social.
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The early morning post came after Powell declined to lower interest rates on Tuesday. The Fed's benchmark interest rate was held steady at 4.25% to 4.5%. The rate was reached at the end of 2024 after cutting rates by a full percentage point last fall.
Powell has consistently pushed back on pressure from the White House, to lower interest rates. Powell told reporters on Tuesday that President Trump "doesn't affect our doing our job at all" and that "I've never asked for a meeting with any president, and I never will."