Trump suggests Fed board 'assume control' to cut interest rates

ISTANBUL

US President Donald Trump urged the Federal Reserve board to "assume control" and do "WHAT EVERYONE KNOWS HAS TO BE DONE," again pushing for an interest rate cut despite the Fed chair after its decision to hold rates steady on Wednesday.

"Jerome 'Too Late' Powell, a stubborn MORON, must substantially lower interest rates, NOW," Trump wrote on social media about the Fed chair.

"IF HE CONTINUES TO REFUSE, THE BOARD SHOULD ASSUME CONTROL, AND DO WHAT EVERYONE KNOWS HAS TO BE DONE!" he added.

The president's remarks followed the Fed's decision to hold the federal funds rate unchanged at the range of 4.25%-4.50% on Wednesday, despite political pressure from the president, as the bank said US economic activity growth moderated in the first half of the year.

Chair Jerome Powell said in a press conference Wednesday that the Fed may keep the policy rate constant while waiting to see if the higher tariffs spearheaded by Trump drive inflation.

He stressed that they have made no decision for the September meeting. "We don't do that in advance. We will be taking that information into consideration and all the other information we get."

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 US should “LOWER INTEREST RATES!” he urged.

Trump has previously denied reports that he is looking to fire Powell before the Fed chair's term ends next year, calling such a move "highly unlikely,” but left the door open to taking action over what he called "possible" fraud.