Trump says interest rates 'should be 2.5 points lower'

WASHINGTON

US President Donald Trump renewed his demand Thursday for interest rate cuts, and lashed out at Fed Chair Jerome Powell after the Federal Reserve kept interest rates unchanged.

Powell "is costing our Country Hundreds of Billions of Dollars,” Trump said on Truth Social.

Calling Powell "one of the dumbest, and most destructive" people, Trump said: "Europe has had 10 cuts, we have had none. We should be 2.5 Points lower."

His remarks came one day after the central bank held its benchmark federal funds rate unchanged 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" on Wednesday, and said he is considering appointing himself as Fed chair, as he expressed dissatisfaction with Powell’s handling of the job.