President Donald Trump sharply criticized Federal Reserve Chair Jerome Powell on Thursday, calling him one of the most destructive figures in the US government. Trump accused Powell of costing the country hundreds of billions of dollars by not cutting interest rates.
In a series of posts on Truth Social following the Fed’s decision to keep interest rates steady, Trump referred to Powell as “Too Late Jerome Powell” and an “American Disgrace.” He said, “Too Late Jerome 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 Fed Board is complicit. Europe has had 10 cuts, we have had none.”
Trump added, “We should be 2.5 points lower and save billions on all of Biden’s short-term debt. We have low inflation! Too Late’s an American disgrace!”
The Federal Reserve announced on Wednesday that it would hold the federal funds rate steady at 4.25 to 4.50 percent, as most economists expected. Just before the announcement, Trump called Powell “the worst” and accused him of costing America billions.
Speaking to reporters at the White House, Trump criticized Powell’s performance, noting that he appointed Powell during his presidency but was unhappy with his actions. He even joked about leading the Federal Reserve himself. “Maybe I should go to the Fed,” Trump said. “Am I allowed to appoint myself at the Fed? I’d do a much better job than these people.”
Trump has been a vocal critic of Powell for months and has stated he will not keep him as Fed chair once his term ends in about nine months.
Powell, meanwhile, dismissed the criticism during a press briefing. “We think we’re in a good place,” he said, when asked about Trump’s comments. “That is what matters to us.”
Powell also said the Fed would take its time before making any rate changes. He explained that waiting a few months would help the central bank better understand how tariffs affect inflation, consumer spending, and hiring.
