Demanding a reduction in the Federal Reserve's interest rate, Trump again criticizes Powell, this time involving the entire committee.
On June 30, local time, U.S. President Donald Trump stated on social media: "Gentlemen, it's too late." Federal Reserve Chair Jerome Powell and the entire committee should feel ashamed for not lowering the rate. Trump noted that if they had done well, "the U.S. could save trillions of dollars in interest payments," "but the committee is just watching, so they also cannot escape responsibility." Trump claims that the U.S. should be paying 1% interest.
On the same day, White House Press Secretary Jen Psaki stated that Trump, in a letter to Powell, mentioned interest rates in many countries around the world and said that rates should be significantly lowered.
Previously, Trump has repeatedly criticized Powell on social media for the Federal Reserve not lowering the interest rate at his request, and even threatened to fire him. On June 18, local time, the latest minutes from the Federal Open Market Committee (FOMC) of the Federal Reserve showed that the Federal Reserve decided to keep the target range for the federal funds rate unchanged at 4.25% to 4.50%. This is already the fourth consecutive meeting of the Federal Reserve where it was decided to keep the interest rate unchanged.
