President Trump expressed frustration with Federal Reserve Chairman Jerome Powell on Thursday, criticizing him for not considering his request to lower interest rates after the Fed opted to keep rates steady again.
Trump’s comments came after Powell indicated the day prior that he had never sought a meeting with the president. Powell told reporters he had “never” asked for such a meeting.
When pressed about any upcoming meetings with Powell, Trump remarked, “It’s like talking to a wall,” prompting laughter from Commerce Secretary Howard Latnic and Vice President Vance, who were with him in the Oval Office following a trade deal announcement with the UK.
“Now, the Bank of England has cut rates, China has cut rates, everybody is cutting rates,” Trump noted, suggesting a reduction in borrowing costs was necessary. He added, “That’s too bad, I’m calling him ‘too late.’ ‘Too late, Powell’—that’s what I call him, it’s just ridiculous.”
Despite his criticism, Trump also highlighted a robust economy, downplaying the urgency of immediate rate cuts. “In this case, our country is so strong, there’s really not much motherhood. We’re strong economically and with what we’ve accomplished,” he stated.
Powell, for his part, pointed to the sturdy economy as a reason for the Fed’s decision to take a measured approach, allowing time to assess the effects of new trade, fiscal, and regulatory policies.
The Fed’s interest rate-setting committee maintained the rates between 4.25% and 4.5% after pausing adjustments during meetings in March and January. The Fed had previously cut rates three times in the latter half of 2024.
Earlier on Thursday, Trump had labeled Powell a “fool with no clue” for choosing to stabilize rates.
Powell was originally appointed by Trump as chair of the Fed in 2017 and later reappointed by former President Biden.
