Trump Labels Fed Chair Jerome Powell a ‘Fool’ Following Central Bank’s Decision to Maintain Steady Rates Once More

Sure! Here’s a rewritten version, rephrasing promotional calls-to-action while maintaining HTML tags:

—

President Donald Trump criticized Federal Reserve Chairman Jerome Powell once again Thursday, a day after the central bank decided not to lower rates due to economic uncertainty stemming from tariffs. Trump stated in a Truth Social post:

“‘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!”

The Fed on Wednesday voted to maintain its benchmark interest rate between 4.25% to 4.5%, keeping it within this range across three meetings this year since the last cut in December. This decision has frustrated the president, who desires the central bank to lower rates to address a potential slowing economy due to his trade policies. The Fed noted that it would keep rates steady until the economic outlook becomes clearer, emphasizing that “the risks of higher unemployment and higher inflation have risen.” The central bank is cautious about reducing rates if Trump’s tariffs trigger inflation.

Powell briefly addressed Trump’s continuous criticisms and calls for rate cuts during a press conference following the Fed’s decision, asserting that these comments would not affect the Fed’s mission “at all.”

“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 only going to consider the economic data, the outlook, the balance of risks, and that’s it. That’s all we are going to consider.”

Last month, Trump’s remarks raised concerns in the markets, leading investors to fear he might attempt to dismiss Powell before his term ends in May 2026, a move that could undermine the Fed’s independence, which many consider vital for the effective functioning of U.S. financial markets. This uncertainty contributed to a market sell-off coinciding with the implementation of tariffs.

However, in late April, Trump stated he had “no intention” of firing Powell, easing investors’ concerns after he had also paused most of the highest “reciprocal” duties. Just this past Sunday, Trump excluded the possibility of removing Powell when questioned about it on a news program.

“No, no, no… why would I do that? I get to replace the person in another short period of time,” Trump said. Nevertheless, in the same interview, he referred to Powell as a “total stiff.” Trump initially appointed Powell during his first term as president, and Powell was reappointed by President Joe Biden in 2022.