President Donald Trump has once again criticized Federal Reserve Chair Jerome Powell following the central bank’s decision to keep interest rates unchanged in a May 7 announcement. Trump called Powell a “FOOL” and expressed frustration at his stance on rate cuts. Despite previous comments suggesting Powell should be fired, Trump later clarified that he has no immediate plans to dismiss the Fed chair.
Powell, speaking at a press conference on May 7, defended the Fed’s decision to maintain its current policy, citing economic uncertainty as a reason for caution. He emphasized the need to monitor evolving conditions before making any changes. Trump’s imposition of tariffs has sparked concerns about inflation and slower growth, prompting the Fed to consider rate cuts as a means of stimulating the economy.
The ongoing trade conflicts have raised questions about the appropriate course of action, with Powell acknowledging the challenges of navigating these uncertainties. The article, originally published on USA TODAY, highlights Trump’s criticism of Powell’s approach to interest rates.
