President Donald Trump unleashed on the Federal Reserve and Chair Jerome Powell on Wednesday, after the central bank decided to hold interest rates steady rather than making a cut, as the president had wanted.
“Because Jay Powell and the Fed failed to stop the problem they created with Inflation, I will do it by unleashing American Energy production, slashing Regulation, rebalancing International Trade, and reigniting American Manufacturing, but I will do much more than stopping Inflation, I will make our Country financially, and otherwise, powerful again!” Trump wrote on Truth Social.
FEDERAL RESERVE HOLDS INTEREST RATES STEADY AMID INFLATION UNCERTAINTY
“The Fed has done a terrible job on Bank Regulation,” the president continued. “Treasury is going to lead the effort to cut unnecessary Regulation, and will unleash lending for all American people and businesses. If the Fed had spent less time on DEI, gender ideology, ‘green energy, and fake climate change, Inflation would never have been a problem. Instead, we suffered from the worst Inflation in the History of our Country!”
The president’s post came after the central bank announced that it will leave interest rates unchanged amid uncertainty about inflation and economic conditions.
ODDS OF U.S. RECESSION DECLINING: NABE ECONOMISTS
The Fed’s decision leaves the benchmark federal funds rate at a range of 4.25% to 4.5% and follows three consecutive interest rate cuts at the central bank’s most recent meetings — including a 50-basis-point cut in September as well as a pair of 25-basis-point reductions in November and December.
“Recent indicators suggest that economic activity has continued to expand at a solid pace,” wrote members of the Federal Open Market Committee (FOMC), the group responsible for guiding the Fed’s monetary policy. “The unemployment rate has stabilized at a low level in recent months, and labor market conditions remain solid. Inflation remains somewhat elevated.”
FOX Business’ Eric Revell contributed to this report.
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