Trump Criticizes Federal Reserve Chairman Over Interest Rates
This Friday morning, President Trump expressed frustration towards Federal Reserve Chairman Jerome Powell, calling on the Central Bank to exert more control following this week’s interest rate decision.
He referred to Powell as “the stubborn idiot Jerome ‘too late’ Powell,” insisting that the Fed needs to cut interest rates. “If he continues to reject this, the board will take charge and do what needs to be done!” Trump stated.
Later on, he emphasized his discontent with the Federal Reserve, saying, “Strong opposition to the Federal Reserve Committee. It’s just going to get stronger! ‘Too late!'”
He pointed out the Fed’s recent decision on Wednesday to keep short-term interest rates in the 4.25% to 4.5% range, marking the first significant opposition from board members in over three decades.
Vice-chair Michelle Bowman and board member Christopher Waller opposed holding interest rates steady, particularly as Waller is in line for Trump’s nomination once his term ends in May.
Trump’s frustration with the central bank’s choice persisted into late Friday morning, echoing similar sentiments he has expressed in past months.
“Too little, too late. Jerome ‘too late’ Powell is a disaster. Please lower your rate! The good news is that tariffs are bringing billions into the US!” he remarked.
The economic situation also seemed to take a downturn as a July employment report revealed a slowing labor market with only 73,000 jobs added, keeping the unemployment rate steady at 4.2%, according to the Labor Bureau’s data released on Friday.
The report noted significant revisions for May and June, suggesting that around 250,000 jobs were added to the non-farm sector during those months.
Trump has been vocal in his criticism of Powell for several months due to the Federal Reserve’s decision to maintain current interest rates.
Last week, he had a rather sentimental meeting with Powell at the Federal Reserve, where they discussed ongoing renovations of the building. Though he seemed to be hinting at the possibility of firing Powell, tensions resurfaced following this week’s economic news.
