U.S. Federal Reserve Chair Jerome Powell attends a press conference following the issuance of the Federal Open Market Committee’s statement on interest rate policy in Washington, D.C., U.S., June 18, 2025.
Kevin Mohatt | Reuters
President Donald Trump ripped into Federal Reserve Chair Jerome Powell on Thursday, calling him “destructive,” after the central bank kept interest rates steady on Wednesday.
Trump said “Too Late” Powell is costing the United States “hundreds of billions of dollars” by not cutting rates, leveling a familiar criticism against the Fed chair who has repeatedly ignored Trump’s pressure campaign to cut rates.
“We should be 2.5 Points lower, and save $BILLIONS on all of Biden’s Short Term Debt,” Trump wrote Thursday on Truth Social.
Trump also criticized Powell late Wednesday, calling him a “real dummy” in a near-midnight Truth Social post.
Powell, whose term ends in May of 2026, said Wednesday 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.”
Trump’s remarks were in response to the Federal Open Market Committee keeping its borrowing rate targeted in a range between 4.25%-4.5%, which is on par with where it’s been since December.
The criticisms were not surprising, as the president has long slammed Powell for not lowering interest rates.
As recently as Wednesday morning, hours before the Fed was set to release its decision on interest rates, Trump said: “So we have a stupid person. Frankly, you probably won’t cut today.”
“Europe had 10 cuts, and we had none. And I guess he’s a political guy, I don’t know. He’s a political guy who’s not a smart person, but he’s costing the country a fortune,” he said outside the White House.
Trump even mused about appointing himself to lead the Federal Reserve, saying, “I’d do a much better job than these people.”
Trump has said that he intends to announce his pick for the next chair of the Federal Reserve “very soon.”