Trump: "Powell doesn't understand the current situation and refuses to cut rates... A 3%p reduction is needed"

YM Lee

Summary

President Donald Trump criticized Jerome Powell, chair of the Fed, for refusing to cut interest rates.
Trump asserted that the current interest rate should be at least 3%p lower.
Trump claimed that refusing to cut rates is the cause of the U.S. housing market slump and increased burden on the government and households.

President Donald Trump once again criticized Jerome Powell, chair of the Fed.

On the 23rd (local time), President Donald Trump stated on his Truth Social platform, "The biggest reason for the stagnant housing market in the United States is Jerome Powell's refusal to lower the benchmark interest rate. High interest rates are a burden on both the U.S. government and households. The current rate should be at least 3%p lower than it is now," he said.

He added, "But Powell, the head of the Fed, does not understand the current situation at all. It was the same in the past and it will be the same in the future. The Board should step forward, but it seems that there is no one with the courage to do so."