Trump: Fed Board Should Take Control If Powell Won't Lower Interest Rates

President Donald Trump said the Federal Reserve board should assume control if Fed Chair Jerome Powell continues to refuse to lower interest rates.

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"Jerome 'Too Late' Powell, a stubborn MORON, must substantially lower interest rates, NOW. IF HE CONTINUES TO REFUSE, THE BOARD SHOULD ASSUME CONTROL, AND DO WHAT EVERYONE KNOWS HAS TO BE DONE!" Trump said on Truth Social. 

The U.S. central bank held interest rates steady on Wednesday and Federal Reserve Chair Jerome Powell's comments after the decision undercut confidence that borrowing costs would begin to fall in September, stoking the ire of Trump, who has demanded immediate and steep rate relief.

The latest policy decision was made by a 9-2 vote, which passes for a split outcome at the consensus-driven central bank, with two Fed governors dissenting for the first time in more than 30 years.

The seven members of the Fed Board of Governors are nominated by the president and confirmed by the U.S. Senate.

Trump repeatedly has attacked Powell’s monetary policy decisions, calling him names such as "numbskull" and warning publicly that his termination "cannot come fast enough." As far back as 2018, Trump turned on Powell, whom he nominated, calling rate‐hikes "crazy" and "loco," and later floated the possibility of firing him.