Trump Slams Powell as 'Destructive' After Fed Holds Rates Steady, Claims U.S. Losing Billions Due to Inaction

Benzinga

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.

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00:00It's Benzinga, bringing Wall Street to Main Street.

00:02President Donald Trump sharply criticized Federal Reserve Chair Jerome Powell after the Fed owned interest rates steady.

00:07He called Powell destructive and a real dummy, according to CNBC.

00:11Trump claimed Powell's refusal to cut rates has cost the U.S. hundreds of billions of dollars.

00:15An argued rate should be 2.5 percentage points lower to reduce short-term debt costs.

00:20Powell said the Fed is in a good position to wait for more economic data before making any policy changes.

00:25Powell's term ends in May 2026.

00:27Trump said he plans to announce his choice for the next Federal Reserve Chair very soon.

00:31For all things money, visit Benzinga.com.

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