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Trump Describes Fed Chair Powell as 'Stupid’
(MENAFN) In a renewed round of sharp criticism, United States Leader Donald Trump on Wednesday branded Federal Reserve Chair Jerome Powell as "stupid," asserting that Powell "probably won't cut" interest rates.
These remarks came just hours before the Federal Reserve's official rate announcement was scheduled.
Trump reiterated his position that the central bank's principal interest rate should be slashed by at least two percentage points, expressing his ongoing disapproval of Powell’s approach.
Speaking to journalists at the White House, he said, “So we have a stupid person. Frankly, he probably won’t cut today.”
The president drew a comparison with Europe, noting, “Europe had 10 cuts, and we had none,” suggesting Powell was "a political guy" lacking intelligence and claiming his actions were “costing the country a fortune.”
These statements were made shortly before the Federal Open Market Committee (FOMC) meeting, which is expected to announce whether interest rates will change and to deliver its long-term economic forecast.
Financial markets anticipate the key policy rate will remain steady within the 4.25 percent-4.50 percent band.
Trump has consistently urged the Federal Reserve to reduce interest rates, pointing to rate cuts by European central banks and cautioning that hesitation might harm the momentum of the US economy.
In a recent post on social media, Trump clarified that he had no intention of dismissing Chairman Powell, although he has persistently censured him for not enacting rate reductions.
These remarks came just hours before the Federal Reserve's official rate announcement was scheduled.
Trump reiterated his position that the central bank's principal interest rate should be slashed by at least two percentage points, expressing his ongoing disapproval of Powell’s approach.
Speaking to journalists at the White House, he said, “So we have a stupid person. Frankly, he probably won’t cut today.”
The president drew a comparison with Europe, noting, “Europe had 10 cuts, and we had none,” suggesting Powell was "a political guy" lacking intelligence and claiming his actions were “costing the country a fortune.”
These statements were made shortly before the Federal Open Market Committee (FOMC) meeting, which is expected to announce whether interest rates will change and to deliver its long-term economic forecast.
Financial markets anticipate the key policy rate will remain steady within the 4.25 percent-4.50 percent band.
Trump has consistently urged the Federal Reserve to reduce interest rates, pointing to rate cuts by European central banks and cautioning that hesitation might harm the momentum of the US economy.
In a recent post on social media, Trump clarified that he had no intention of dismissing Chairman Powell, although he has persistently censured him for not enacting rate reductions.
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