ISTANBUL

US President Donald Trump ramped up his criticism of the Federal Reserve Chair Jerome Powell on Thursday, calling him "TOO LATE, and actually, TOO ANGRY, TOO STUPID, & TOO POLITICAL, to have the job" after the central bank this week decided to keep the interest rate constant.

"Jerome 'Too Late' Powell has done it again!!!" Trump wrote on social media.

"He is costing our Country TRILLIONS OF DOLLARS," he said.

The US president called Powell "a total loser" and said the US is paying the price.

The criticism 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.

Powell said in a press conference Wednesday that 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!” the president urged.

Trump has 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.