Trump Criticizes Fed Chairman Jerome Powell for Interest Rate Decision
FOX Business White House correspondent Edward Lawrence reports as the Federal Reserve announces its decision to leave rates unchanged on ‘Making Money.’
President Donald Trump expressed strong discontent with Federal Reserve Chairman Jerome Powell on Thursday, following the central bank’s decision to maintain interest rates. In a post on Truth Social, Trump stated, “We should have a substantially lower rate now that even this moron admits inflation is no longer a problem or threat,” reflecting his frustration after the Fed’s recent rate cut meeting.
Federal Reserve Chairman Jerome Powell announced on Wednesday that the Fed will leave interest rates unchanged. (Tom Williams/CQ-Roll Call/Getty Images)
Trump further criticized Powell, claiming, “He is costing America hundreds of billions of dollars a year in totally unnecessary and uncalled for INTEREST EXPENSE.” He argued that due to the influx of money into the country from tariffs, the U.S. should be enjoying the lowest interest rates globally.
FED HOLDS INTEREST RATES STEADY, PAUSING RATE CUTS AMID ECONOMIC UNCERTAINTY
Having nominated Powell in 2017, Trump’s criticism has escalated over time, with the former president consistently urging the Fed to lower rates to boost the economy. His public pressure campaign has included personal attacks aimed at Powell, showcasing his growing frustration with the Fed’s policies.
TRUMP VS THE FEDERAL RESERVE: HOW THE CLASH REACHED UNCHARTED TERRITORY
What began as a disagreement over interest rates has escalated into a significant confrontation, marking a challenging period for Powell during his tenure at the Federal Reserve.
President Donald Trump walks behind Jerome Powell of the Federal Reserve during an announcement in the Rose Garden of the White House on Nov. 2, 2017. (Olivier Douliery/Bloomberg/Getty Images)
Recently, the Justice Department initiated a criminal investigation into Powell concerning his congressional testimony about the Federal Reserve’s ongoing renovation of its Washington buildings. Powell confirmed the investigation on January 11, describing it as “unprecedented” and indicative of Trump’s ongoing threats against the Federal Reserve.
FEDERAL RESERVE CHAIR POWELL UNDER CRIMINAL INVESTIGATION OVER HQ RENOVATION
Federal Reserve Chairman Jerome Powell confirmed the central bank had been served by the Justice Department in connection with allegations related to congressional testimony on the renovation of the bank’s headquarters. (Credit: Federal Reserve)
Powell’s decision to address the media after days of private consultations marked a significant shift from his usual cautious demeanor. During his first press appearance since the investigation began, he stated that he would refrain from commenting on administration statements or discussing the investigation.
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The ongoing tensions between Trump and the Federal Reserve coincide with the Supreme Court’s deliberations on the president’s authority to remove sitting Fed board Governor Lisa Cook, as well as speculation surrounding Powell’s potential successor.
FOX Business White House correspondent Edward Lawrence reports as the Federal Reserve announces its decision to leave rates unchanged on ‘Making Money.’
President Donald Trump expressed strong discontent with Federal Reserve Chairman Jerome Powell on Thursday, following the central bank’s decision to maintain interest rates. In a post on Truth Social, Trump stated, “We should have a substantially lower rate now that even this moron admits inflation is no longer a problem or threat,” reflecting his frustration after the Fed’s recent rate cut meeting.
Federal Reserve Chairman Jerome Powell announced on Wednesday that the Fed will leave interest rates unchanged. (Tom Williams/CQ-Roll Call/Getty Images)
Trump further criticized Powell, claiming, “He is costing America hundreds of billions of dollars a year in totally unnecessary and uncalled for INTEREST EXPENSE.” He argued that due to the influx of money into the country from tariffs, the U.S. should be enjoying the lowest interest rates globally.
FED HOLDS INTEREST RATES STEADY, PAUSING RATE CUTS AMID ECONOMIC UNCERTAINTY
Having nominated Powell in 2017, Trump’s criticism has escalated over time, with the former president consistently urging the Fed to lower rates to boost the economy. His public pressure campaign has included personal attacks aimed at Powell, showcasing his growing frustration with the Fed’s policies.
TRUMP VS THE FEDERAL RESERVE: HOW THE CLASH REACHED UNCHARTED TERRITORY
What began as a disagreement over interest rates has escalated into a significant confrontation, marking a challenging period for Powell during his tenure at the Federal Reserve.
President Donald Trump walks behind Jerome Powell of the Federal Reserve during an announcement in the Rose Garden of the White House on Nov. 2, 2017. (Olivier Douliery/Bloomberg/Getty Images)
Recently, the Justice Department initiated a criminal investigation into Powell concerning his congressional testimony about the Federal Reserve’s ongoing renovation of its Washington buildings. Powell confirmed the investigation on January 11, describing it as “unprecedented” and indicative of Trump’s ongoing threats against the Federal Reserve.
FEDERAL RESERVE CHAIR POWELL UNDER CRIMINAL INVESTIGATION OVER HQ RENOVATION
Federal Reserve Chairman Jerome Powell confirmed the central bank had been served by the Justice Department in connection with allegations related to congressional testimony on the renovation of the bank’s headquarters. (Credit: Federal Reserve)
Powell’s decision to address the media after days of private consultations marked a significant shift from his usual cautious demeanor. During his first press appearance since the investigation began, he stated that he would refrain from commenting on administration statements or discussing the investigation.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
The ongoing tensions between Trump and the Federal Reserve coincide with the Supreme Court’s deliberations on the president’s authority to remove sitting Fed board Governor Lisa Cook, as well as speculation surrounding Powell’s potential successor.
