Trump assails Federal Reserve chair, labeling him "foolish"
"Trump continues his jabs at Jerome Powell, Fed chairman". Here's the latest round in this ongoing saga:
* By Solina Prak, updated May 8*
Donald Trump out on a limb once more, taking a swipe at Jerome Powell, the chairman of the Federal Reserve. The latest jab came on Trump's Truth Social network, where he labelled Powell an "idiot with no ideas." Just last month, he dubbed him an "enormous loser." The bone of contention this time? The Fed elected to keep interest rates as they were, a decision Trump wasn’t too pleased about.
In a press conference on Wednesday, Powell highlighted the numerous uncertainties surrounding the impact of Trump's new tariffs on imports. Given these uncertainties, the Fed decided to stay its course for now.
Ever since announcing massive tariffs on imported goods, Trump's economic policies have sent ripples across the global landscape. Initially bullish, Trump later adapted toThe White House incumbent's economic earthquake-inducing measures.**
Tariffs: A Monster Trump Can't Tame
"There are so many uncertainties" Trump wrote on Truth Social after the Fed's decision. "There is practically no inflation, the money from tariffs comes into the United States," he added.
The Fed, according to Powell himself, is seemingly unaffected by Trump's jabs. In Wednesday's press conference, Powell stressed that they base their work on economic data, asset prospects, and risk assessments. "It really doesn't affect either our work or the way we do it", he declared emphatically.
A Dance of Roses and Barbs
Throughout his presidency, Trump's criticisms towards the Federal Reserve grew increasingly personal, feeding into ongoing market volatility and widespread uncertainty. Trump desperately wanted the Fed to lower interest rates to mitigate the effects of the tariffs he imposed, a strategy that could potentially fuel inflation. The Federal Reserve, with its commitment to upholding economic stability, remained steadfast in the face of Trump's provocation.**
Around this article * Donald Trump* Fed* Interest rates* Central bank
Sources:
[1] CNN Business[2] Investopedia[3] CNBC
- As Trump continues his critical remarks towards Jerome Powell, the Fed chairman, the ongoing tension between politics and policy-and-legislation has highlighted war-and-conflicts in the economic arena, with labeling such as "idiot with no ideas" and "enormous loser" from Trump, causing market volatility and widespread uncertainty.
- Despite the personal attacks and labeling from President Trump, the Federal Reserve (Fed) maintains its commitment to economic stability, basing its decisions on economic data, asset prospects, and risk assessments, disregarding the roses and barbs from the White House, thus emerging as a key label in general-news coverage of Trump's presidency.
