US President Trump slams Fed Chair Powell as ‘destructive,’ says rate decision costing billions

US President Donald Trump on Thursday (June 19) launched a fresh attack on US Federal Reserve Chair Jerome Powell, accusing him of being “destructive” and blaming him for costing the country billions by holding interest rates steady.In a post on Truth Social, Trump wrote: “Too Late” Jerome Powell is costing our country hundreds of billions of dollars. He is truly one of the dumbest, and most destructive, people in government, and the Fed Board is complicit. Europe has had 10 cuts, we have had none. We should be 2.5 points lower, and save billions on all of Biden’s short-term debt. We have low inflation! TOO LATE’s an American Disgrace!”
Trump followed up with another post late Wednesday, calling Powell a “real dummy.”
Also Read: US Federal Reserve leaves its key rate unchanged but sees two cuts this yearThe criticism came after the Federal Reserve opted to leave interest rates unchanged on Wednesday. Powell, whose term ends in May 2026, said the Fed was taking a wait-and-see approach: “For the time being, we are well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policies.”

Trump’s remarks were in response to the Federal Open Market Committee keeping its borrowing rate targeted in a range between 4.25%-4.5%, which is on par with where it’s been since December.

The criticisms were not surprising, as the president has long slammed Powell for not lowering interest rates.

Also Read: Fed chair Powell says rate path unclear but tariff impact is coming

As recently as Wednesday morning, hours before the Fed was set to release its decision on interest rates, Trump said: “So we have a stupid person. Frankly, you probably won’t cut today.”