Trump calls Fed chair 'a fool' as Fed keeps policy rate unchanged

ISTANBUL

US President Donald Trump criticized Federal Reserve Chair Jerome Powell again Thursday, a day after the central bank left the interest rate constant due to economic uncertainty created by tariffs.

"'Too Late' Jerome Powell is a FOOL, who doesn’t have a clue," Trump wrote on Truth Social.

"Other than that, I like him very much! Oil and Energy way down, almost all costs (groceries and “eggs”) down, virtually NO INFLATION, Tariff Money Pouring Into the U.S. — THE EXACT OPPOSITE OF “TOO LATE!” ENJOY!" he added.

The Fed on Wednesday decided not to cut the policy rate, keeping it in the range of 4.25% to 4.5%.

The decision came after uncertainty caused by tariffs and Trump's repeated criticisms of Powell, accusing him of failing to act swiftly as economic risks mount.

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

He wrote on April 7 on social media that now is “a PERFECT time to cut rates,” but Powell “is always late.” Ten days later, he posted: “Jerome Powell of the Fed, who is always TOO LATE AND WRONG, yesterday issued a report which was another, and typical, complete ‘mess!’”

He added that “termination cannot come fast enough!” referring to Powell.

Trump claimed on April 21 that Powell’s reluctance to cut rates could lead to a slowdown in the US economy.

Powell responded to Trump's repeated critiques and desire for rate cuts, stating that it would not have any effect on the Fed's work "at all," in a press briefing Wednesday after the Fed's decision.

“We are always going to do the same thing, which is we are going to use our tools to foster maximum employment and price stability for the benefit of the American people,” Powell said.

“We are always going to consider only the economic data, the outlook, the balance of risks and that’s it. That’s all we are going to consider.”