The Federal Reserve decided on Wednesday evening to hold steady on interest rates, a move that has drawn sharp criticism from former President Donald Trump.
Trump responded with a scathing rebuke of Jerome Powell, the current chair of the Federal Reserve.
“He is grossly incompetent,” Trump stated during a press conference on Thursday.
Read also: USA: Holds Interest Rates Unchanged
“The Worst Combination”
The current interest rate in the United States remains in a range of 3.50–3.75 percent.
“He should have lowered interest rates immediately, wouldn’t everyone have done that? But he is stubborn and has ‘Trump Derangement Syndrome’,” Trump said.
“Trump Derangement Syndrome” is a term used by Donald Trump and his supporters to criticize opponents, suggesting they are so emotionally driven by their opposition to Trump that they have lost the ability to think rationally or objectively evaluate his policies.
“When you are stubborn and incompetent, I think that’s the worst combination. And he’s not a smart person either,” Trump continued.
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Has Criticized Powell Repeatedly
Trump has repeatedly expressed his desire for lower interest rates and has been highly critical of Powell. This ongoing tension highlights the complex relationship between monetary policy and political pressure.
Earlier on Wednesday, Trump questioned on his Truth Social platform:
“When is ‘too late’ Powell going to lower INTEREST RATES?”
