Trump Calls Powell a ‘Fool’ After Fed Keeps Rates Unchanged

The latest interest rate decision from the Federal Reserve hasn’t reset the Trump-Powell relationship.

President Donald Trump in a Thursday morning message on Truth Social called Fed Chair Jerome Powell a “fool,” responding publicly to the U.S. central bank’s decision yesterday to keep interest rates unchanged.

Powell has said the Fed would prefer more data on the effect Trump’s trade policy as ultimately enacted will have on the economy before changing rates for the first time since December. Speaking at a press conference Wednesday, Powell said that if large tariff increases are sustained, they will likely spark a rise in inflation and unemployment.

Trump would like a rate cut, and he has said a trade deal with the U.K. is in place, with more details coming later today. Initial trade talks with China are set to start in the coming days, and Trump has said that many more deals are on the way.

“‘Too Late’” Jerome Powell is a FOOL, who doesn’t have a clue,” Trump’s message read. “Other than that, I like him very much! Oil and Energy way down, almost all costs (groceries and “eggs”) down, virtually NO INFLATION, Tariff Money Pouring Into the U.S. — THE EXACT OPPOSITE OF “TOO LATE!” ENJOY!”

Trump has been vocal in his criticism of Powell, but has recently said he does not plan to try to remove the Fed chair before his term ends in 2026. The notion that he might do so has concerned some market watchers.