Trump Reconsiders Firing Fed Chair Powell
(MENAFN) Leader Donald Trump once more criticized Federal Reserve Chairman Jerome Powell on Friday, accusing him of damaging the American economy by declining to reduce interest rates.
In a detailed post on Truth Social, Trump argued that lowering interest rates to a range between 1 percent and 2 percent could potentially save the United States as much as USD1 trillion annually.
Calling Powell "a dumb guy, and an obvious Trump Hater," Trump claimed President Joe Biden made a mistake by reappointing him.
"I don’t know why the Board doesn’t override this Total and Complete Moron! Maybe, just maybe, I’ll have to change my mind about firing him? But regardless, his Term ends shortly!" he wrote.
The Federal Reserve left its key federal funds rate steady on Wednesday, maintaining it within the 4.25 percent to 4.50 percent target, as financial markets had expected.
Trump has persistently urged the Fed to reduce interest rates, pointing to similar actions by European central banks, and warned that hesitation could hinder the U.S. economy.
He called Powell "stupid" and said he is considering naming himself as Fed chair, reflecting his continued dissatisfaction with Powell’s performance.
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