US President Donald Trump branded Fed Chair Jerome Powell a “fool” on Thursday after the central bank announced another pause in rate cuts and warned of higher risks to inflation and unemployment goals.
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“‘Too Late’ Jerome Powell is a FOOL, who doesn’t have a clue,” Trump posted on his Truth Social network, in a fresh attack on the head of the independent federal reserve.
Trump has repeatedly said he wants to see rates cut now to help stimulate economic growth as he rolls out his on-again, off-again tariff plans, which have included huge levies on China.
The Fed said on Wednesday that policymakers had voted unanimously to hold the US central bank’s key lending rate at between 4.25 per cent and 4.5 per cent.
Speaking to reporters after the decision was published, Powell said there was “a great deal of uncertainty” about where the Trump administration’s tariff policies will end up.
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Trump justifies ‘China tariffs’ as US effort to curb ‘greatest job theft in the world’
Trump justifies ‘China tariffs’ as US effort to curb ‘greatest job theft in the world’
Many analysts have warned that the government’s actions will likely push up inflation and unemployment, while slowing growth – at least in the short run.