US President Donald Trump continues to slam Federal Reserve Chairman Jerome Powell for not lowering interest rate. In a post on Truth Social on Friday, Trump called Powell a ‘stubborn moron’, and said that he must lower the rates.
Trump said in the post in the capital letters, “IF HE CONTINUES TO REFUSE, THE BOARD SHOULD ASSUME CONTROL, AND DO WHAT EVERYONE KNOWS HAS TO BE DONE!”
This comes a day after he said that Jerome Powell is “TOO ANGRY, TOO STUPID, & TOO POLITICAL” to have the job of Federal Reserve Chairman.
The president claimed that by not cutting interest rates, Powell is “costing our Country TRILLIONS OF DOLLARS, in addition to one of the most incompetent, or corrupt, renovations of a building(s) in the history of construction!”
Trump called him Jerome “Too Late” Powell, and said that he is a total loser, adding that country is paying the price.
Trump’s angry outburst comes after Federal Reserve left interest rates unchanged on Wednesday, instead of reducing it as wanted by the president. The interest rates are in the range of 4.25% to 4.5%. Powell said the Fed is focused on controlling inflation, adding that the risk of price rise due to Trump administration’s trade and other policies remains too high. He said that the Fed was not concerned about government borrowing or home mortgage costs, for which Trump wants rates to be lowered.
Trump has been insisting that the rates should be lower, down to 1% or even less.
