Trump says he ‘maybe’ will reconsider firing Fed Chair Powell

WASHINGTON

President Donald Trump again took aim Friday at Fed Chair Jerome Powell, accusing him of harming the US economy by refusing to lower interest rates.

In a lengthy post on Truth Social, Trump said cutting interest rates to between 1% and 2% could save the US up to $1 trillion per year.

Calling Powell "a dumb guy, and an obvious Trump Hater," he said his predecessor, Joe Biden, should not have reappointed him.

"I don’t know why the Board doesn’t override this Total and Complete Moron! Maybe, just maybe, I’ll have to change my mind about firing him? But regardless, his Term ends shortly!" he added.

The Fed held its benchmark federal funds rate unchanged Wednesday between the 4.25% - 4.50% target range, in line with market estimates.

Trump has repeatedly demanded the Fed cut interest rates, citing moves by the European central banks and warned that delays could stall the US economy.

The president labeled Powell "stupid," and said he is considering appointing himself as Fed chair, as he expressed dissatisfaction with Powell’s handling of the job.