U.S. President Donald Trump lashed out at Federal Reserve Chair Jerome Powell, labelling him a “FOOL” a day after the central bank decided to retain interest rates.
In a statement on his Truth Social platform, Trump said he likes Powell, although “he does not have a clue”.
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“‘Too Late’ Jerome Powell is a FOOL, who doesn’t have a clue. 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,” Trump said.
Trump’s statement comes a day after the central bank voted not to lower rates because of economic uncertainty created by tariffs.
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The Bank voted on Wednesday, May 7, to retain its benchmark interest rate in a range of 4.25% to 4.5%, where it has kept it on hold since December.
Trump has been pushing for the central bank to cut rates to reduce rates to counter a possible economic slowdown caused by the rollout of his trade policies.
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Powell Speaks After Feds Decision
Powell addressed a press conference after the Fed’s decision, clarifying that it would not impact the Fed’s job.
He affirmed that the Fed will continue to do its work for the benefit of all Americans.
He explained that the Fed will only use its tools to make economic decisions.
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“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.”
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Trump Asks Federal Reserve to Retain Rates
In March, Trump urged the central bank to reduce interest rates after it left borrowing rates unchanged.
He explained that lower rates would best prepare the economy for the tariffs his administration was planning.
“The Fed would be much better off cutting rates as U.S. Tariffs start to transition (ease!) their way into the economy. Do the right thing,” he said.
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