Trump Accuses Fed Chair Powell of Damaging U.S. Economy
(MENAFN) President Donald Trump renewed his attack on Federal Reserve Chair Jerome Powell on Friday, accusing him of damaging the U.S. economy by failing to reduce interest rates.
In a scathing post on Truth Social, Trump claimed that lowering the federal funds rate to between 1% and 2% could potentially save the U.S. up to $1 trillion annually.
Describing Powell as “a dumb guy, and an obvious Trump Hater,” Trump argued that former President Joe Biden should never have reappointed him to the role. He went further, suggesting that the Federal Reserve’s Board should override Powell.
“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 the benchmark federal funds rate unchanged on Wednesday, maintaining it within the 4.25% to 4.50% range, a decision in line with market expectations.
Trump, who has consistently called for the Fed to reduce interest rates, pointed to actions by European central banks as justification. He warned that the U.S. economy could suffer if Powell does not act quickly, further escalating his dissatisfaction with the Fed Chair's leadership.
Labeling Powell “stupid,” Trump even suggested the possibility of appointing himself to the position of Fed Chair, should the opportunity arise. The tensions underscore the growing rift between the president and the nation's central bank leadership.
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