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President Trump has criticized Federal Reserve Chairman Jerome Powell for refusing to lower interest rates.
Some shit you should know before you read: If you’re unaware, Fed Chairman Jerome Powell recently decided to maintain the benchmark interest rate between 4.25% and 4.5%, marking the third consecutive meeting in 2025 without a rate change. During a press conference, Powell explained that the Fed is being careful amid ongoing economic uncertainty, particularly surrounding trade policies and inflation risks. He said, “We are looking for clear evidence that inflation is moving sustainably toward our 2% target.” He also stressed that the Fed remains data-driven and independent, adding that political considerations would not influence monetary policy. His comments came as Powell has a rocky relationship with Trump.
What’s going on now: It’s safe to say President Trump is pissed about Powell’s decision to hold interest rates. In a statement on Truth Social, Trump wrote, “‘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!”
Beyond the post, Trump also spoke to reporters about the development, saying that falling gas prices, lower grocery costs, and slowed wage growth are evidence that the Fed is misreading the current economic landscape. He insists that a rate cut would supercharge consumer spending and investment, particularly important as the country approaches the 2026 midterm elections.
Trump has also pointed to global monetary trends to bolster his criticism, noting that central banks in countries like China and the UK have already lowered interest rates in response to similar economic pressures. He argues that by keeping rates steady, the U.S. is falling behind and unnecessarily hindering growth. “Everybody’s cutting but him,” Trump said of Powell, suggesting that the Fed chair is out of step with global economic policy and that his cautious approach is stalling the American economy.
This comes after Trump previously considered firing Powell, raising some concerns about political interference in the Fed’s independence. However, he eventually walked that back, telling NBC’s Meet the Press, “No, no, no… why would I do that? I get to replace the person in another short period of time.”
