Trump Attacks Jerome Powell: "He Makes America Lose 600 Billion USD Every Year"

At the signing ceremony of the law on Thursday, President Donald Trump continued to criticize the Chairman of the Federal Reserve America (Fed), Jerome Powell, arguing that the failure to lower interest rates has cost the government up to 600 billion USD each year in short term debt payments. Although he stated that he did not intend to fire Mr. Powell, Trump still called him a "fool" for not acting sooner. "No more inflation. Prices have fallen. Cut interest rates," Trump emphasized. Meanwhile, the U.S. Department of Labor reported that May inflation rose by 2.4%, slightly lower than the forecast of 2.5%. Fed Keeps Interest Rates Unchanged, Despite Political Pressure The Federal Open Market Committee (FOMC) in May decided to keep the federal funds rate at 4.25% – 4.5%, citing that this is an appropriate level to achieve maximum employment and control inflation. The interest rates have remained unchanged since December last year, when the Fed cut slightly by 0.25%. After a series of attacks, Powell met Trump at the White House, but according to the Fed, he did not share any policy forecasts and only affirmed that all decisions would be based on data and objective, non-political analysis. Trump Labels Powell as "Slow Action Powell", Criticizes Persistently Not stopping there, Trump continued to mock Powell: "The Bank of England has cut, China has cut, everyone is cutting, only he is not doing anything. I call him 'Too Late Powell' – Powell acts too late." However, Trump appears confident: "Even if Powell does not cut rates, the American economy is still very strong." But his remarks continue to raise concerns about political interference in monetary policy – a principle that the Fed always seeks to protect.