Trump Urges Congress to Hammer ‘Dumb, Hardheaded’ Fed Chair at Hearing

President Donald Trump unloaded a fresh attack on Federal Reserve Chair Jerome Powell, blasting him as “very dumb” and “hardheaded” while piling pressure on the central bank to slash interest rates ahead of its next meeting in July.

Trump, who has long bristled at Powell’s caution, argued that high borrowing costs are stalling economic momentum. The Fed, meanwhile, remains wary of inflation risks linked to Trump’s trade tariffs.

The president vented about Powell’s planned testimony before Congress, set for Tuesday, where he will deliver the Semi-Annual Monetary Policy Report to the House Financial Services Committee.

Posting on Truth Social early Tuesday morning, Trump torched Powell for refusing to act despite other global central banks having made rate cuts:

“Too Late” Jerome Powell, of the Fed, will be in Congress today in order to explain, among other things, why he is refusing to lower the Rate. Europe has had 10 cuts, we have had ZERO. No inflation, great economy – We should be at least two to three points lower. Would save the USA 800 Billion Dollars Per Year, plus. What a difference this would make. If things later change to the negative, increase the Rate. I hope Congress really works this very dumb, hardheaded person, over. We will be paying for his incompetence for many years to come. THE BOARD SHOULD ACTIVATE. MAKE AMERICA GREAT AGAIN!

While Powell’s current term as Fed chair ends in 2026, internal cracks may be forming. On Monday, Fed Governor Michelle Bowman broke ranks, saying she would support a rate cut “as soon as our next meeting” if inflation pressures stay low.

The Fed’s next policy decision is due July 30.

New: The Mediaite One-Sheet "Newsletter of Newsletters"
Your daily summary and analysis of what the many, many media newsletters are saying and reporting. Subscribe now!