Trump's message to Fed, Powell
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President Donald Trump has relentlessly attacked Fed Chairman Jerome Powell since he retook office, most recently calling him a “fool” Thursday morning after the Fed chose to hold interest rates steady the day prior.
The central bank held steady on rates, keeping them at a range of 4.25% to 4.5%, but highlighted rising inflation risk.
A prominent House Republican who is in charge of a monetary policy task force told Yahoo Finance he still supports Jerome Powell as Federal Reserve chair on a day when President Trump once again criticized the central bank boss for not lowering interest rates.
Federal Reserve Chair Jerome Powell reiterated the need for a wait-and-see approach during a press conference following the committee's policy announcement.
President Trump repeated his call for the Federal Reserve to cut interest rates after April's inflation report was cooler than expected.
The markets have come around to the Federal Reserve chairman’s cautious approach to lowering interest rates. President Trump could be a tougher convert.
Federal Reserve Chair Jerome Powell on May 7 said "the economy is doing fine" during a news conference after the Federal Open Market Committee announced it would keep its key rate steady at 4.25% to 4.5%.
3don MSN
In a Truth Social post after the Fed decision this week to keep rates unchanged, Trump declared that "Too Late' Jerome Powell is a FOOL, who doesn't have a clue." The president declared there is "virtually NO INFLATION," something that was true for March at least when the Fed's preferred inflation gauge came in unchanged for the month.