President Donald Trump sharply criticized Federal Reserve Chair Jerome Powell after the Fed held interest rates steady. He called Powell “destructive” and “a real dummy," according to CNBC. Trump claimed Powell’s refusal to cut rates costs the U.S. “hundreds of billions of dollars” and argued rates should be 2.5 percentage points lower to reduce short-term debt costs. Powell said the Fed is in a good position to wait for more economic data before making policy changes. Powell's term ends in May 2026. Trump said he plans to announce his choice for the next Federal Reserve chair very soon.
