After Fed Move, Trump Slams 'Fool' Powell

The Federal Reserve did not cut interest rates on Wednesday as President Trump wished, and Trump vented on Truth Social early Thursday about the head of the central bank:

• "'Too Late'" Jerome Powell is a FOOL, who doesn't have a clue," Trump wrote. "Other than that, I like him very much! Oil and Energy way down, almost all costs (groceries and "eggs") down, virtually NO INFLATION, Tariff Money Pouring Into the U.S. — THE EXACT OPPOSITE OF 'TOO LATE!' ENJOY!"

• Trump has repeatedly criticized the Fed's reluctance to cut rates, though he has clarified recently that he does not plan to fire Powell—the very idea alarmed markets because the central bank is intended to operate independently. "No, no, no ... why would I do that?" Trump said in a Meet the Press interview last weekend. "I get to replace the person in another short period of time." Powell's term ends in May 2026, notes Newsweek.

• Powell shrugged off the pressure from Trump in comments Wednesday, saying they would not affect the Fed's decision-making, notes CNBC. "We are always going to consider only the economic data, the outlook, the balance of risks and that's it. That's all we are going to consider."
• The Central Bank of England cut its main interest rate by a quarter-point on Thursday, per the AP. Trump wants the US bank to follow suit, but a Wall Street Journal analysis notes that Powell used some version of the word "wait" a remarkable 22 times on Wednesday. "The reason for the divergence is straightforward," writes Nick Timiraos, referring to the difference between the US and other wealthy nations. "Those other economies haven't imposed large tax increases on imported goods. As a result, they are seeing the effects of softening demand and weaker labor markets but without the effects of higher prices that Fed policymakers could grapple with later this year."

(More Jerome Powell stories.)