Donald Trump escalated his feud with Federal Reserve Chair Jerome Powell on Thursday, calling him a “numbskull” during a White House bill signing event and suggesting he may “force something” to bring down interest rates, though he offered no specifics.
Speaking to lawmakers, Trump reiterated his demand that the Fed slash rates, claiming a one-point cut would save the U.S. $300 billion annually. “What is he doing? Why doesn’t he lower these rates?” Trump said, accusing Powell of waiting too long and undermining economic growth.
While Trump denied plans to fire Powell, whom he appointed in 2017, he mocked critics who warned against such a move. “I don’t know why it would be so bad,” he said.
Trump said he had urged Powell to cut rates last month and would support a hike only if inflation spikes again.
The Fed, under Powell, has held rates steady while watching the effects of Trump’s economic policies. Powell has defended that cautious approach, saying the Fed must assess long-term impacts rather than respond to political pressure.
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