President Donald Trump called Federal Reserve Chair Jerome Powell a “fool” after the Fed left interest rates unchanged. Trump posted on Truth Social, "'Too Late' Jerome Powell is a FOOL, who doesn't have a clue," despite adding, “Other than that, I like him very much!”
The Fed on Wednesday held the benchmark rate steady at 4.25% to 4.5%, citing risks of both higher inflation and unemployment. Powell defended the decision, saying the central bank remains focused on economic data, not political pressure. "We are always going to use our tools to foster maximum employment and price stability," he said.
Trump has threatened to fire Powell before, but said Sunday in a television interview that he will not remove him before his term ends in May 2026.
