Former President Donald Trump launched a verbal attack on Federal Reserve Chairman Jerome Powell in a post on his social media platform, Truth Social. Trump derogatorily referred to Powell as “Jerome ‘Tardón’ Powell” and accused him of being too late, angry, and lacking the intelligence and political acumen required to lead the country’s central bank.
Following the Fed’s decision on Wednesday to maintain interest rates, Powell stated that the current policy is well-positioned to continue while waiting to gauge the impact of tariffs put into place by the U.S. president.
Prior to the announcement, Trump had reiterated his demand for the Federal Reserve to lower interest rates in response to a 3% growth in the U.S. Gross Domestic Product (GDP).
In response to Powell’s decision to hold steady on rates, Trump claimed the U.S. is losing “trillions of dollars,” asserting that the country is “paying the price” because the Fed’s chairman is a “complete failure.”
Trump also criticized Powell over the renovation work at the Fed’s headquarters, which incurred an additional cost of approximately $700 million. This project has been leveraged by Republicans to highlight what they perceive as Powell’s mismanagement of the organization.
Trump described it as “one of the most incompetent and corrupt building renovations in construction history,” adding fuel to the ongoing criticism.
