Donald Trump Calls Out Jerome Powell Amid Fed Rate Decision
Highlights
- Donald Trump reiterated that the Fed should cut interest rates at the flagpole installation at the White House.
- This statement comes ahead of the FOMC decision today, with the Fed unlikely to cut rates.
- The president also doesn't expect the Fed to cut rates today despite his insistence for a rate cut.
Donald Trump is again calling on the Fed Chair Jerome Powell to lower interest rates. He made a statement just hours before the FOMC decided to leave rates unchanged, and has again remarked that the Fed’s decision to keep rates unchanged is costing the country.
Donald Trump Urges Powell & The Fed To Lower Rates
Speaking at the Flagpole installation at the White House, the US President again reiterated that the Fed should cut interest rates, noting that they would be able to buy debt for a lot less if this happens.
As CoinGape reported earlier, the FOMC meeting will take place today, with an announcement on a rate cut coming at 2 pm ET, followed by Powell’s speech at 2:30 pm ET. The Fed is likely to keep interest rates unchanged, with CME FedWatch data also showing that there is a 99.9% chance this would happen.
Source: CME FedWatch
Despite his insistence on a Fed rate cut, Donald Trump also believes that the Fed would not cut rates today. He also criticized Powell again, stating that the Fed Chair is not a ‘Smart Guy’ and remarked that he has done a poor job so far.
The president further described the Fed Chair as being too late, noting how interest rates should already be two points lower. He added that it would be nice if rates were 2.5 points lower. Trump again urged the Fed to get rates way down and then go for long-term.
As CoinGape reported, Donald Trump already revealed that he has no plans to fire Jerome Powell. At the Flagpole installation, he stated that he calls Powell every name to try to get him to cut rates, but he still refuses to do so.
He added that he doesn’t think Powell’s decision is political but that the Fed Chair simply hates him. Trump joked about appointing himself to the Fed, as he believes he would do a better job than Powell and the FOMC.
Powell Is Costing The Country
In a Truth Social post, Donald Trump again called out Jerome Powell. He stated that the Fed Chair is costing the country Hundreds of Billions of Dollars. The president added that Powell is “truly one of the dumbest and most destructive people in government.”
Trump also accused the Fed board of being complicit. He alluded to how Europe has had 10 cuts, but the Fed has had none. The president again claimed that they should be 2.5 points lower and save billions on all of Biden’s short-term debt. He also noted that inflation is low, which is another reason the Fed should cut rates. As CoinGape reported, the Fed left interest rates unchanged following the June 18 FOMC meeting.
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