President Donald Trump trashed Federal Reserve Chairman Jerome Powell on Wednesday morning ahead of the central bank’s meeting wherein it is expected it will keep interest rates the same.
Trump spoke on the South Lawn of the White House as he announced the erection of new flag poles at the White House ahead of a potential war with Iran. During that time, he complained that the economy would be better.
“We‘re doing well. well as a country, if the Fed would ever lower rates, you know, we‘d buy debt for a lot less,” he told reporters. “Do you ever have a guy that‘s not a smart person and you‘re dealing with him and you have to deal? He‘s not a smart guy.”
Trump complained that Powell, whom Trump nominated during his first presidency in 2018 and whom Joe Biden renominated, is worried about inflation.
In the past Powell has warned that Trump’s tariffs that he announced on “Liberation Day” on April 2 of this year could contribute to inflation and slow economic growth. Last month, Powell also kept interest rates the same, much to the chagrin of the president.
But Trump dismissed the concerns.
“if there‘s inflation in six months or nine months, you lower the rates or you raise the rates. you can do whatever you want,” he said.
