“‘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,” Trump wrote in an excoriating Truth Social post about Federal Reserve Chair Jerome Powell Tuesday.
“I hope Congress really works this very dumb, hardheaded person, over,” he concluded. “We will be paying for his incompetence for many years to come. THE BOARD SHOULD ACTIVATE. MAKE AMERICA GREAT AGAIN!”
“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 policy stance,” Powell said in prepared remarks obtained by The Associated Press.
Leading economists outside of the Federal Reserve have similarly argued that now is not the time to cut interest rates. Atlanta Fed President Raphael Bostic told Reuters that the country has “space and time” to figure out its ideal rates, especially since companies have already decided to increase product prices this year in reaction to hampered global supply chains.
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