Washington, Jun 24, 2025 -US President Donald Trump once again attacked Jerome Powell on Tuesday to demand that he cut the country’s interest rates, as the head of the Federal Reserve is expected to appear in front of Congress.
The Republican leader regularly berates Powell over the bank’s decision not to lower interest rates, escalating his attacks after the Fed held steady for a fourth consecutive meeting last week.
Powell is due Tuesday to head to Capitol Hill to present the Fed’s semi-annual monetary policy report to Congress’ House Financial Services Committee — sparking another missive from Trump.
“‘Too Late’ Jerome Powell, of the Fed, will be in Congress today in order to explain, among other things, why he is refusing to lower the Rate,” Trump wrote on his Truth Social platform.
“We should be at least two to three points lower… I hope Congress really works this very dumb, hardheaded person, over,” he said, adding that the country “will be paying for his incompetence for many years to come.”
“THE BOARD SHOULD ACTIVATE. MAKE AMERICA GREAT AGAIN!”
In its policy meeting this month, the US central bank held its benchmark lending rate at a range between 4.25 percent and 4.50 percent, keeping it unchanged so far this year.
Forecasting higher inflation and cooler growth this year, Powell had said policymakers could afford to wait so as to understand the effects of Trump’s tariffs.
Trump reacted last week by calling Powell “a stupid person,” a “numbskull,” “moron” and an “obvious Trump Hater.”
The president said in his Tuesday post that the United States “should be at least two to three points lower,” claiming that a rate cut would save “800 billion dollars per year.”
He added: “If things later change to the negative, increase the Rate.”
Since returning to the presidency, Trump has imposed a 10 percent tariff on nearly all trading partners, alongside steeper duties on US imports of steel, aluminum and autos.
Tariffs complicate the Fed’s job, with economists warning they could fuel inflation and weigh on economic growth.
While central bank officials tend to lift interest rates to curb inflation, they might opt to cut rates when growth is slow.
bur-abs/dhc
