President Donald Trump attacked Federal Reserve Chair Jerome Powell as a “FOOL” on Thursday after the central bank chose not to lower interest rates over tariff uncertainty.
“‘Too Late’ Jerome Powell is a FOOL, who doesn’t have a clue,” Trump thundered in a Truth Social post. The insult is the latest in a string of shots Trump has taken at Powell while calling for rate cuts to boost economic growth during his chaotic trade war.
After the Fed chose to hold its key rate at 4.3 percent for the third consecutive meeting Wednesday, Powell told reporters that Trump’s tariffs had created “a great deal of uncertainty” and are likely to lead to ”a rise in inflation, a slowdown in economic growth, and a rise in unemployment.”
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At a press conference, Powell also said Trump’s demand for rate cuts does not “affect doing our job at all.”
“I’ve never asked for a meeting with any president and I never will,” Powell said. “There’s never a reason for me to ask for a meeting. It’s always been the other way.”
Powell said the economy’s state remains “healthy” but is “shrouded in some very downbeat sentiment on the part of people and businesses.”
Powell’s obstinate refusal to do as Trump demands has triggered a furious backlash within MAGA circles and has seen several prominent figures call for his head—including Trump himself.
“Powell’s termination cannot come fast enough!” Trump wrote in a post on Truth Social last month. Markets plummeted in response to the comment, leaving Trump to backpedal the following week by clarifying he has “no intention of firing” Powell.
