Trump: 'Stupid' Fed Chief Probably Won't Cut Rates

The Federal Reserve is widely expected to keep its key interest rate steady today, and President Trump didn't wait for the announcement to attack Fed chair Jerome Powell. "So we have a stupid person. Frankly, you probably won't cut today," Trump told reporters outside the White House on Wednesday, per CNBC. "Europe had 10 cuts, and we had none. And I guess he's a political guy, I don't know. He's a political guy who's not a smart person, but he's costing the country a fortune." Trump later said, "I don't even think he's that political. I think he hates me, but that's OK."

Trump, who has been blasting Powell for months for not lowering interest rates, said the Fed should cut its key rate by as much as 2.5 points and complained that he has been unable to change Powell's mind, the New York Times reports. "I'm nasty. I'm nice. Nothing works," Trump said. "He's like, just a stupid person." Powell and other Fed officials have said they want to see the longer-term impact of Trump's tariffs on inflation before cutting rates. "Am I allowed to appoint myself to the Fed?" Trump asked Wednesday. "I'd do a much better job than these people." (More Federal Reserve stories.)