Trump Calls Powell 'Fool' After Fed Holds Rates at 4.25%-4.50%, Says 'Virtually No Inflation'

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Updated May 8, 2025, 11:40 AM

President Donald Trump publicly criticized Federal Reserve Chair Jerome Powell following the central bank's decision to keep interest rates steady. Trump referred to Powell as a "fool" who is "too late" on rates, while adding that he still likes him "very much." Trump also stated it is the "exact opposite of too late." Trump asserted that there is "virtually no inflation" in the United States, citing falling oil and energy prices, as well as declining costs for groceries and eggs. He highlighted that tariff revenues are "pouring into the U.S." and disputed claims of rising costs or inflation. The Federal Reserve maintained its benchmark interest rate in a range between 4.25% and 4.50%. Trump has repeatedly called for rate cuts in recent weeks. Previously, he called Powell an "immense loser." The Fed cited risks of inflation and unemployment as reasons for holding rates steady.

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