After the Federal Reserve announced it would keep interest rates unchanged, President Trump on July 31 once again criticized Federal Reserve Chair Jerome Powell.
On his social media platform "Truth Social," he said: “'Mr. Too Late' Powell has made the same mistake again!!! He is always a step behind. In other words, 'Mr. Too Late' is a total loser, and our country is paying the price.”
He added: “He is too slow, in fact, too irritable, too stupid, and too political, and is completely unfit to serve as Federal Reserve Chairman.”
On July 30, the Federal Reserve announced that it would keep the target range for the federal funds rate unchanged at 4.25% to 4.50%, ignoring Trump’s continued pressure to cut rates.
This is also the fifth consecutive Federal Reserve policy meeting to decide to leave rates unchanged.
Fed Chair Powell defended the Fed’s independence at a press conference, calling such institutional arrangements “beneficial to the public good.”
He said: “I believe that having an independent central bank has always been an institutional arrangement beneficial to the public good.”