Trump again slams ‘stupid’ US Fed chairman over interest rate levels
Summary
United States President Donald Trump criticized Federal Reserve Chair Jerome Powell, calling him a "knucklehead" and suggesting that interest rates should be lowered to one percent. Trump has expressed frustration with Powell's decision to keep interest rates unchanged, pointing to inflation concerns and potential tariffs on trading partners like the European Union and Mexico. Additionally, Trump's administration criticized the Federal Reserve's renovation project costs, hinting at possible moves to dismiss Powell.Key Facts
- President Trump criticized Federal Reserve Chair Jerome Powell, calling for lower interest rates.
- Trump described Powell in negative terms and questioned his handling of interest rates.
- Trump plans to implement a 30 percent tariff on certain trading partners beginning August 1.
- An economic adviser to Trump suggested that Powell could be fired due to higher renovation costs at the Federal Reserve's headquarters.
- The renovation costs are $700 million higher than initially planned, reaching $2.5 billion.
- The White House has expressed significant concern over these renovation expenses.
- Powell has requested a review of these cost overruns by the US Inspector General.
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