US President Donald Trump called Fed Chairman Jerome Powell an idiot again and renewed his call for his resignation.
The Fed is expected to resume the interest rate cuts it paused in order to ignite a new rally in Bitcoin (BTC) and altcoins.
However, despite the positive economic data, the FED has kept interest rates constant since January due to the uncertainty created by the tariffs.
While the Fed is determined to keep interest rates steady until it provides more clarity, US President Donald Trump frequently pressures the Fed and Chairman Jerome Powell to lower interest rates.
Trump even wants Powell to resign from his position as FED chairman.
At this point, Trump called on the FED to cut interest rates even before the June FED decision announced yesterday. However, the FED again ignored Trump and left interest rates unchanged.
Trump, who was very angry about this situation, posted on his Truth Scoial account, harshly criticizing Powell for yesterday’s decision and calling for her resignation.
Donald Trump criticized Jerome Powell on Truth Social, saying:
“Too Late. Powell is the worst. And a true idiot who is costing the US billions of dollars.”
He also shared an article calling for Powell to resign from Fannie Mae and Freddie Mac, the nation’s largest mortgage lenders.
Trump argues that interest rates should be cut now that economic data is good, and has repeatedly called on Powell to cut rates.
But Powell has ignored them, while Trump claims that Powell’s reluctance to cut interest rates is hurting the economy.
In response, Powell largely reiterated the central bank’s cautious stance on future rate cuts in his remarks yesterday, citing expectations of higher inflation from Trump’s trade tariffs as the reason for his decision to leave rates unchanged.
