Trump lashes out at Powell over 'rate hold'… "Hundreds of billions of dollars lost for America"

President Donald Trump criticized Jerome Powell, Chair of the Federal Reserve (Fed), calling him "the dumbest person in government."

On the 19th (local time), President Trump stated on his social media platform Truth Social, "Because of 'Too Late' Powell, America is losing hundreds of billions of dollars," adding, "Powell is one of the dumbest and most destructive people in government." Trump also added, "The Fed is complicit in this as well."

President Trump once again emphasized the need to cut the base interest rate. He said, "Europe has cut rates 10 times but the U.S. hasn't done it once," and "By now, rates should have been cut by 2.5% points." He continued, "(If rates had been cut) the Biden Administration could have saved billions of dollars in interest on short-term debt," and added that "'Too Late' Powell is America's shame."

Previously, on the 18th, the Fed kept the base rate unchanged at the Federal Open Market Committee meeting. This marks the fourth consecutive hold, with rates remaining at 4.25~4.50% annually.