Trump Calls Powell ‘Stupid,' Predicts No Rate Cut
Taarek Refaat
President Donald Trump launched a fresh attack on Federal Reserve Chair Jerome Powell on Wednesday, calling him 'stupid' and predicting that the central bank will not cut interest rates during its upcoming policy meeting.
'I don't think he's going to cut rates today. He's doing a bad job,' Trump told reporters ahead of the Federal Reserve's highly anticipated interest rate announcement.
Markets are widely expecting the Fed to hold its benchmark interest rate steady at a range of 4.25% to 4.5%, marking the fourth consecutive meeting without a change. The Federal Open Market Committee (FOMC), which sets monetary policy, has maintained this level since December in an effort to bring inflation back toward its 2% target.
In its most recent decision in May, the Fed opted to leave rates unchanged, citing ongoing progress in reducing inflation while noting the need for more data to justify a shift in policy. Recent economic indicators have shown moderating inflation, but Federal Reserve officials have remained cautious about cutting rates too soon.
Trump's remarks reflect growing political pressure on the Fed as economic issues — particularly inflation and interest rates — dominate the national conversation. Trump has been a vocal critic of Powell, whom he originally nominated as Fed chair in 2018 during his first term.
The Fed's decision and Chair Powell's post-meeting press conference are expected to offer further guidance on whether rate cuts could be considered later this year.
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