Trump accuses Fed Chair Powell of damaging US econemy
(MENAFN)
U.S. President Donald Trump renewed his criticism of Federal Reserve Chair Jerome Powell on Friday, accusing him of damaging the American economy by refusing to lower interest rates.
U.S. President Donald Trump renewed his criticism of Federal Reserve Chair Jerome Powell on Friday, accusing him of damaging the American economy by refusing to lower interest rates.
In a detailed post on Truth Social, Trump argued that reducing rates to a range between 1% and 2% could potentially save the United States up to $1 trillion annually. He labeled Powell "a dumb guy, and an obvious Trump Hater," and criticized President Joe Biden for reappointing him to the position.
"I don’t know why the Board doesn’t override this Total and Complete Moron! Maybe, just maybe, I’ll have to change my mind about firing him? But regardless, his Term ends shortly!" Trump wrote.
The Federal Reserve left its key interest rate unchanged on Wednesday, maintaining the target range between 4.25% and 4.50%, a decision in line with most market expectations.
Trump has consistently called for aggressive rate cuts, often pointing to more accommodative monetary policies adopted by European central banks. He has warned that the Fed's reluctance to act could slow down the U.S. economy.
Expressing frustration with Powell’s leadership, Trump went as far as calling him "stupid" and even floated the idea of naming himself as the new Fed chair.
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