U.S. President Donald Trump is once again criticizing Federal Reserve Chair Jerome Powell after the central bank elected to hold interest rates steady.
On social media, Trump said Fed Chair Powell is “destructive.” Specifically, the U.S. president wrote that “Too Late” Powell is costing America “hundreds of billions of dollars” by not cutting interest rates.
“We should be 2.5 points lower and save $BILLIONS on all of Biden’s Short Term Debt,” Trump wrote on the Truth Social platform.
The latest barrage of criticism is similar to other complaints Trump has leveled at the Federal Reserve since he returned to the White House.
In recent months, Trump has called on the Fed chair repeatedly to immediately cut interest rates and boost the U.S. economy and stock market.
Trump also called Fed Chair Powell a “real dummy” in a midnight Truth Social post on June 18.
Powell, whose term ends in May 2026, has asserted his and the U.S. central bank’s independence in the face of Trump’s repeated attacks.
The Federal Reserve chose to keep its trendsetting interest rate in the current range of 4.25% to 4.50%, which is where it’s been since last December.
Speaking to media after the decision to hold rates steady was announced, Powell said that “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.”
The Federal Reserve has been reluctant to cut interest rates until the impacts of President Trump’s import tariffs become known.
There is concern among some central bank watchers that the Fed could lose its independence under Trump, a situation that would be bad for financial markets.
Trump recently mused on social media about appointing himself to lead the U.S. Federal Reserve, saying, “I’d do a much better job than these people.”
The benchmark S&P 500 stock market index in the U.S. is up 2% this year.
