Editor's PiCK
Trump: "U.S. interest rates should be brought down to 1%... Powell was too late"
Summary
- Former President Trump strongly criticized the Fed for delaying a rate cut.
- Former President Trump stated that lowering the rate to 1% could save $1 trillion in annual interest costs.
- He claimed that the current high interest rates are negatively affecting the housing market and making it difficult for younger generations to buy homes.
President Donald Trump once again strongly criticized Jerome Powell, Chairman of the Fed.
On the 18th (local time), President Trump, through his social media platform Truth Social, said, "(Rate cuts) are much too late. Powell and the Fed are suffocating the housing market with high interest rates," and pointed out, "especially making it hard for younger generations to buy homes."
He continued, "Powell is one of the worst appointments I ever made," asserting that "Sleepy Joe (President Biden) reappointed him despite knowing how terrible he is."
He also added, "The Fed Board did nothing to stop this numbskull from hurting people," and "the Board is equally responsible."
President Trump emphasized, "The U.S. economy is booming, and inflation is very low," and "if interest rates are cut down to 1%, we could save $1 trillion a year in interest costs." He stressed that "a delayed rate cut is really harmful to the country. It’s foolish beyond words."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.!["Will AI take our jobs?" Fear spreads…market rattled by a plunge in shares [New York Market Briefing]](https://media.bloomingbit.io/PROD/news/874408f1-9479-48bb-a255-59db87b321bd.webp?w=250)
