Donald Trump, the President of the United States, criticized Jerome Powell, the Chair of the Federal Reserve (Fed), who has frozen interest rates for three consecutive times since his inauguration, calling him "a clueless fool".
On the same day, Trump wrote in a post on social media platform Truth Social, "Jerome Powell, who is 'too late,' is a clueless fool, but other than that, I like him very much."
He added, "Oil and energy prices have dropped significantly, prices of almost all items, including groceries and eggs, have fallen, and there is virtually no inflation," noting that "money is pouring into the U.S. because of tariffs," before saying he is the complete opposite of "the late person" (Powell).
The Federal Reserve diagnosed that economic uncertainty increased due to Trump's tariff policy drive at the Federal Open Market Committee (FOMC) that concluded the previous day and decided to hold the benchmark interest rate (4.25% to 4.50%) steady while observing the economic situation further.
Since the launch of the Trump administration's second term on Jan. 20, the Federal Reserve has frozen interest rates at all three FOMCs.