Donald Trump escalated his criticism of Federal Reserve Chair Jerome Powell on Thursday, following the Fed’s decision to keep interest rates unchanged between 4.25% and 4.5%. In a Truth Social post, Trump called Powell “TOO LATE, TOO ANGRY, TOO STUPID, & TOO POLITICAL,” and accused him of causing economic harm and overseeing a “corrupt” $2.5 billion Fed headquarters renovation.
The Federal Reserve signaled continued caution on rate cuts this year, rejecting Trump’s frequent demands for rates to be slashed to 1% or lower. The sharp reaction underscores longstanding tensions between Trump and Powell, tensions that have twice led Trump to consider firing the Fed chair — a move that would rattle markets and challenge the Fed’s independence.
Earlier this month, the Trump administration highlighted cost overruns at the Fed’s renovation project as potential grounds for dismissing Powell “for cause.” The two men recently toured the construction site, publicly arguing over its scope and costs.
Powell has largely avoided responding to Trump’s repeated personal attacks, maintaining his focus on monetary policy.
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