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Donald Trump said, ahead of the Federal Open Market Committee’s (FOMC) policy announcement, “We have a stupid person at the Fed.”
US President Donald Trump. (File Photo: Reuters)
US President Donald Trump derided Federal Reserve Chair Jerome Powell- calling him “stupid”- as he floated the idea of appointing himself to the institution. Donald Trump said, ahead of the Federal Open Market Committee’s (FOMC) policy announcement, “We have a stupid person at the Fed. He probably won’t cut today… Maybe I should go to the Fed. Am I allowed to appoint myself at the Fed?”
He further added, “I don’t even think he’s political. I think he hates me,” intensifying his longstanding feud with Jerome Powell, whom he has frequently criticized.
US Fed Keeps Interest Rates Unchanged For 4th Time
Despite Donald Trump’s remarks, the US Fed held its benchmark interest rate steady at 4.25% to 4.50%- marking the fourth straight meeting without a change, in line with market expectations. The central bank’s updated “dot plot” still projects two rate cuts later this year, though internal division is growing: seven officials now expect no cuts in 2025, up from four in March.
Read more: US Fed Keeps Interest Rates Unchanged For 4th Time, Still Expects 2 Cuts This Year
The decision comes amid global economic strain, including Donald Trump’s own sweeping tariff moves and geopolitical flare-ups like the Israel-Iran war. Analysts say the Fed is treading cautiously as it gauges both domestic inflation trends and the broader impact of international uncertainty.
In its statement, the FOMC noted that “economic activity has continued to expand at a solid pace,” with low unemployment and inflation still “somewhat elevated.” It reaffirmed its goal of achieving maximum employment and 2% inflation over the longer run, while acknowledging that uncertainty around the outlook “remains elevated.”
Markets appeared unfazed by both the Fed’s decision and Donald Trump’s comments. The Dow Jones rose 0.29% while the Nasdaq was up 0.33%.
When not reading, this ex-literature student can be found searching for an answer to the question, “What is the purpose of journalism in society?”
When not reading, this ex-literature student can be found searching for an answer to the question, “What is the purpose of journalism in society?”
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Washington D.C., United States of America (USA)
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