President Donald Trump once again took aim at Federal Reserve chairman Jerome Powell on Thursday, apparently unhappy with the central bank’s decision Wednesday to hold its interest rate benchmark steady.
“‘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!” Trump posted on Truth Social.
The Fed said on Wednesday that it was leaving the target range for the federal funds rate unchanged at 4.25 percent to 4.5 percent, the third time it has done so this year. The Fed dramatically cut interest rates three times in the final months of Biden’s presidency, starting with a half-point reduction in September that was followed by two quarter-point reductions in November and December.
The Fed described economic growth as “solid” in the statement released at the end of its two-day monetary policy meeting, but noted that “the risks of higher unemployment and higher inflation have risen.” While many analysts have significantly increased the odds of a recession over the next 12 months and surveys of businesses and consumers reveal slumping confidence, Powell said he has not seen weakness in the economic data.
