President Donald Trump issued a Truth Social post on Wednesday morning in which he persisted in his public campaign to pressure Jerome Powell — chair of the board of governors of the Federal Reserve System — and his colleagues to slash interest rates.
“Housing in our Country is lagging because Jerome ‘Too Late’ Powell refuses to lower Interest Rates. Families are being hurt because Interest Rates are too high, and even our Country is having to pay a higher Rate than it should be because of ‘Too Late,'” the president declared in the post.
“Our Rate should be three points lower than they are, saving us $1 Trillion per year (as a Country). This stubborn guy at the Fed just doesn’t get it — Never did, and never will. The Board should act, but they don’t have the Courage to do so!” Trump added.
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While Trump has been beating the drum for rate cuts and repeatedly hammering Powell, so far, his strident demands have gone unheeded.
The last time the Federal Open Market Committee decided to decrease the target range for the federal funds rate was in December, back when then-President Joe Biden was still in office.
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Trump referred to Powell as a “stubborn mule and a stupid person,” during remarks last month.
While he tapped Powell for the Fed chair role during his first term in office, the president has indicated that he regrets making that move.
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“‘Too Late,’ and the Fed, are choking out the housing market with their high rate, making it difficult for people, especially the young, to buy a house. He is truly one of my worst appointments. Sleepy Joe saw how bad he was and reappointed him anyway – And the Fed Board has done nothing to stop this ‘numbskull’ from hurting so many people,” Trump said in a post on Truth Social last week.
“In many ways the Board is equally to blame! The USA is Rockin’, there is VERY LOW INFLATION, and we deserve to be at 1%, saving One Trillion Dollars a year on Interest Costs. I can’t tell you how dumb Too Late is – So bad for our Country!” he added.
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