President Donald Trump lashed out at Federal Reserve Chairman Jerome Powell on Thursday, accusing him of being “too stupid” and “too political” for the job after the central bank opted to keep interest rates unchanged for the fifth consecutive meeting.“Jerome “Too Late” Powell has done it again!!! He is TOO LATE, and actually, TOO ANGRY, TOO STUPID, & TOO POLITICAL, to have the job of Fed Chair. He is costing our Country TRILLIONS OF DOLLARS, in addition to one of the most incompetent, or corrupt, renovations of a building(s) in the history of construction! Put another way,“Too Late” is a TOTAL LOSER, and our Country is paying the price!” Trump posted on his Truth Social platform, a day after the Federal Reserve announced its decision to hold the key lending rate steady.
Meanwhile, US inflation edged higher in June, with the Federal Reserve’s preferred price gauge reflecting the early impact of President Donald Trump’s sweeping tariffs on a broad range of goods.According to Commerce Department data released Thursday, prices rose 2.6% year-on-year in June, up from 2.4% in May. Core inflation, which excludes food and energy, held steady at 2.8%—a figure revised higher for May, AP reported.Earlier, the US Federal Reserve kept interest rates unchanged for the fifth straight meeting, defying pressure from President Donald Trump and highlighting concerns over rising inflation linked to tariffs.Chair Jerome Powell said tariffs were starting to push up prices, but it was too early to tell if the impact would last. “That is a risk to be assessed and managed,” he told reporters, as quoted AP.The Fed held its key short-term rate at around 4.3%, where it has remained since three cuts last year. Two governors—Christopher Waller and Michelle Bowman—voted for a cut, marking the first such dual dissent from Fed governors in over three decades. One official, Adriana Kugler, was absent.Powell stressed that no decision had been made for the next meeting. “We have made no decisions about September,” he said, warning that premature easing could reignite inflation.
