President Donald Trump went on a tear against Federal Reserve chair Jerome Powell while standing in front of a group of workers waiting to put up two new flag poles outside the White House.
Trump began by talking about the flag poles before veering off the rails on Powell.
"We're doing well as a country. If the Fed would ever lower rates, you know, we'd buy debt for a lot less," Trump said as the workers looked on.
"It's a shame, this guy. I have a guy. Do you ever have a guy that's not a smart person and you're dealing with him and you have to deal?" Trump asked the workers.
"He's not a smart guy. He's worried about inflation. I said, 'That's all right, if there's inflation in six months or nine months, you lower the rates or you raise the rates. You can do whatever you want'...So let's say there's rampant inflation, which there's none. You know what? There is a success. I got a call from Congress last night: 'Sir, there's a problem.' I said, 'What is it?' 'Money is pouring in. We don't know how to account for it.' I said, 'Check the tariffs.' $88 billion came in from tariffs. No inflation. And it's going to get even more. So, I know what I'm doing. So, we have a stupid person frankly at the Fed."
"He probably won't cut today. Europe had 10 cuts and we had none. And I guess he's a political guy. I don't know. He's a political guy who's not a smart person, but he's costing the country a fortune. So, what I'm going to do is, you know, he gets out in about nine months. He has to. He gets fortunately terminated."
Trump then claimed people are losing "hundreds of billions" and "even trillions of dollars," because Powell is "too late" cutting interest rates.
"I call him 'Too Late Powell,' because he's always too late. I mean, if you look at him, every time I did this, I was right 100%. He was wrong. Maybe I should go to the Fed. Am I allowed to appoint myself? I don't know. Am I allowed to appoint myself at the Fed? I'd do a much better job than these people."
