Trump criticizes Powell again: stupid, one of the most destructive people, a disgrace to America!

After the Federal Reserve decided to keep interest rates unchanged on Wednesday, U.S. President Donald Trump sharply criticized Federal Reserve Chairman Jerome Powell again on Thursday, calling him "destructive."

Trump stated that "too late" Powell has caused the U.S. to "lose hundreds of billions of dollars" by not cutting interest rates. This is Trump's consistent criticism of Powell for ignoring his pressure to lower rates. Trump wrote on Truth Social on Thursday:

"Too late" Powell is costing our country hundreds of billions of dollars. He is truly one of the dumbest and most destructive people in government, and the Federal Reserve Board is also to blame. Europe has cut rates 10 times, and we haven't done it once. Our rates should be lowered by 2.5 percentage points, which would save billions on all short-term debt during Biden's term. Our current inflation rate is very low! "Too late" is a disgrace for America!

Trump also posted late Wednesday night local time, calling Powell a "real idiot":

"Too late" Powell is the worst. He is really an idiot, costing America hundreds of billions of dollars!

Trump cited an article titled: "Freddie Mac, Fannie Mae Regulators: Powell Should Cut Rates or Resign."

Powell's term as Federal Reserve Chairman will end in May 2026. His term as a Federal Reserve Governor will last until 2028.

Powell stated at a press conference following the FOMC meeting on Wednesday: "At this point, we are in a good position to continue observing the economy's direction before deciding whether to adjust policy." He declined to comment on whether he would continue to serve as a Federal Reserve Governor after his term as Chairman ends in 2026.

Trump's remarks came after the Federal Open Market Committee (FOMC) decided to maintain the federal funds target rate at 4.25% to 4.5%. This rate range has remained unchanged since last December.

Trump's criticisms are not surprising, as he has long expressed dissatisfaction with Powell's decision not to cut rates. Just hours before the Fed announced its June rate decision, Trump stated on Wednesday morning: "So we have a fool. Frankly, there may not be a rate cut today." Trump also joked that he could serve as Federal Reserve Chairman: "I would do a much better job than these people."