Trump Pushes for Federal Control Over Interest Rates Amid Powell Clash
U.S. President Donald Trump criticized Federal Reserve Chair Jerome Powell's reluctance to lower interest rates, urging the Fed board to take control. Following a steady rate decision, Trump's dissatisfaction stems from Powell's indication that rate cuts might not occur soon. The decision saw unusual dissent within the Fed.
Amid escalating tensions, U.S. President Donald Trump urged for decisive action from the Federal Reserve, expressing frustration over Chair Jerome Powell's reluctance to lower interest rates after the central bank's recent decision.
In a post on Truth Social, Trump labeled Powell a 'stubborn MORON,' suggesting that the Federal Reserve Board assume control if immediate rate reductions are not implemented. Trump's stern remarks followed a Federal Reserve announcement earlier this week that left interest rates unchanged.
The decision came after a 9-2 vote, signaling unusual dissent among the typically consensus-driven Fed governors, adding another layer of complexity to Trump's criticism of Powell's leadership and monetary strategy.
(With inputs from agencies.)
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