President Donald Trump said Federal Reserve Chair Jerome Powell is costing the U.S. "hundreds of billions of dollars" because the prime interest rate should be 2.5 points lower.
The prime interest remained at 7.50% after the Fed's latest announcement on Wednesday.
"'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," Trump posted Thursday on Truth Social.
"Europe has had 10 cuts, we have had none. 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!"
Powell said goods price inflation will pick up over the summer as Trump's tariffs work their way to U.S. consumers, who he argued would bear some of those costs.
"Ultimately, the cost of the tariff has to be paid, and some of it will fall on the end consumer," Powell said at a news conference Wednesday after the Fed held rates steady. "We know that because that's what businesses say. That's what the data say from the past."
Trump disagrees. Earlier this month, he pushed the Federal Reserve to cut interest rates by a full point.
"'Too Late' at the Fed is a disaster! Europe has had 10 rate cuts, we have had none. Despite him, our Country is doing great. Go for a full point, Rocket Fuel!" Trump posted on his Truth Social account.
The president has been relentless in his criticism of Powell.
Late Wednesday night, Trump used his social media platform to comment while sharing a story on Fannie Mae's and Freddie Mac's regulator, Federal Housing Finance Agency Director William Pulte, telling Powell to lower rates or resign.
"Too Late—Powell is the WORST. A real dummy, who's costing America $Billions! " Trump posted on Truth Social.
Charlie McCarthy ✉
Charlie McCarthy, a writer/editor at Newsmax, has nearly 40 years of experience covering news, sports, and politics.
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