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Trump Calls Fed Chair Powell a 'Fool' After Rates Held at 4.25%-4.50%, Sees No Inflation

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Updated May 8, 2025, 06:24 PM

President Donald Trump has intensified his criticism of Federal Reserve Chairman Jerome Powell, labeling him a 'fool' who 'doesn’t have a clue' following the Fed's decision to maintain interest rates at the 4.25%-4.50% range. Trump's comments were made on the social media platform Truth Social, a day after the Fed's announcement.

Trump expressed frustration over the Fed's reluctance to cut rates, suggesting that such a move would act as 'jet fuel' for the economy. He contrasted the Fed's stance with actions taken by other central banks, such as the Bank of England and China, which have recently cut rates. Trump also highlighted that oil and energy prices are down, along with virtually all costs, leading to virtually no inflation, and noted that tariff money is pouring into the U.S.

Despite his harsh words, Trump also stated that he likes Powell 'very much,' indicating a complex relationship with the Fed chairman. Trump has described talking to Powell as 'like talking to a wall' and suggested that Powell's reluctance to cut rates might be because he is 'not in love with me.' Powell, for his part, has emphasized the Fed's independence and its focus on economic data rather than political pressures, with his term set to end next year.

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