President Donald Trump again aimed at Fed Chair Jerome Powell, accusing him of harming the US economy by refusing to lower interest rates.
In a lengthy post on Truth Social, Trump stated that cutting interest rates to between 1 percent and 2 percent could save the US up to $1 trillion per year, as of Friday.
Calling Powell "a dumb guy, and an obvious Trump Hater," he said his predecessor, Joe Biden, should not have reappointed him.
"I don’t know why the Board doesn’t override this Total and Complete Moron! Maybe, just maybe, I’ll have to change my mind about firing him? But regardless, his Term ends shortly!" he added.
The Fed held its benchmark federal funds rate unchanged Wednesday between the 4.25 percent - 4.50 percent target range, in line with market estimates.
Trump has repeatedly demanded that the Fed cut interest rates, citing moves by the European central banks and warned that delays could stall the US economy.
The president labelled Powell "stupid," and said he is considering appointing himself as Fed chair, as he expressed dissatisfaction with Powell’s handling of the job.
