US President Donald Trump took to Truth Social to criticise Federal Reserve Chair Jerome Powell, accusing him of being a “hardheaded” person for not lowering interest rates despite what he described as a “great economy”.In his post, President Trump wrote, “‘Too Late’ Jerome Powell, of the Fed, will be in Congress today in order to explain, among other things, why he is refusing to lower the Rate. Europe has had 10 cuts, we have had ZERO. No inflation, great economy — We should be at least two to three points lower. (sic)”
The US President said that reducing interest rates could save the US “800 billion dollars per year, plus,” and urged Congress to press Powell during his appearance. “I hope Congress really works this very dumb, hardheaded person, over. We will be paying for his incompetence for many years to come,” he wrote.
President Trump concluded his post by calling for action from the Federal Reserve Board, stating, “THE BOARD SHOULD ACTIVATE. MAKE AMERICA GREAT AGAIN! (sic)”Powell is scheduled to testify before the House Financial Services Committee on Tuesday and the Senate Banking Committee on Wednesday.
The US President said that reducing interest rates could save the US “800 billion dollars per year, plus,” and urged Congress to press Powell during his appearance. “I hope Congress really works this very dumb, hardheaded person, over. We will be paying for his incompetence for many years to come,” he wrote.
President Trump concluded his post by calling for action from the Federal Reserve Board, stating, “THE BOARD SHOULD ACTIVATE. MAKE AMERICA GREAT AGAIN! (sic)”Powell is scheduled to testify before the House Financial Services Committee on Tuesday and the Senate Banking Committee on Wednesday.
The Fed kept its key rate unchanged for the fourth straight meeting on June 18, and said the economy is expanding at “a solid pace.” Following this, the US President accused the Fed Chair of being “destructive”.
