US President Donald Trump has criticized Federal Reserve Chair Jerome Powell for keeping interest rates steady, calling him “destructive”. In a late-night post on Truth Social, Trump said that Powell is costing the US “hundreds of billions of dollars” by not cutting rates. The criticism comes after the Fed kept its borrowing rate in a range between 4.25%-4.5% for the fourth time.
Powell had stated that the central bank was well-positioned to wait and learn more about the economy before making any policy adjustments. Trump has long criticized Powell for not lowering interest rates, even as recently as hours before the Fed’s decision on interest rates. The President has also hinted at appointing himself as the next head of the Federal Reserve.
Trump plans to announce his pick for the next Fed chair “very soon”.
Source: https://www.cnbc.com/2025/06/19/trump-powell-fed-interest-rates.html