Trump Shreds Fed Chair Jay Powell After Quarter-Point Rate Cut: ‘No Guts, No Sense, No Vision!’
The Federal Reserve’s latest rate cut on Wednesday afternoon was not enough to pacify President Donald Trump, and keep him from going after one of his favorite targets, Fed chair Jay Powell.
For the second time in recent months, the Fed slashed interest rates by a quarter of a point — bringing it down to a range of 1.75-2 percent. Trump, however, sought a rate of zero, or possibly less. He took to Twitter shortly after the news broke to make his displeasure known.
“Jay Powell and the Federal Reserve Fail Again,” Trump wrote. “No ‘guts,’ no sense, no vision! A terrible communicator!”
Jay Powell and the Federal Reserve Fail Again. No “guts,” no sense, no vision! A terrible communicator!
— Donald J. Trump (@realDonaldTrump) September 18, 2019
Earlier in the week, Trump complained that the U.S. is paying a higher rate than other nations thanks to the Fed.
“The United States, because of the Federal Reserve, is paying a MUCH higher Interest Rate than other competing countries,” Trump wrote on Monday. He added, “They can’t believe how lucky they are that Jay Powell & the Fed don’t have a clue.”
…The United States, because of the Federal Reserve, is paying a MUCH higher Interest Rate than other competing countries. They can’t believe how lucky they are that Jay Powell & the Fed don’t have a clue. And now, on top of it all, the Oil hit. Big Interest Rate Drop, Stimulus!
— Donald J. Trump (@realDonaldTrump) September 16, 2019
In a statement, the Fed cited some positive economic indicators as sufficient reason not to lower the rate further.
“Job gains have been solid, on average, in recent months, and the unemployment rate has remained low,” the statement said.
At a news conference, Powell was asked how he responds to Trump’s attacks.
“I don’t,” Powell said.
[featured photo via Tasos Katopodis/Getty Images]
