US President Donald Trump on Thursday unleashed a barrage of insults against Federal Reserve Chair Jerome Powell, criticising him for failing to cut interest rates amid ongoing trade and economic uncertainty.

The president took to Truth Social to express his frustration, just a day after the central bank opted to keep its benchmark short-term interest rate unchanged.

“Jerome ‘Too Late’ Powell has done it again!!! He is TOO LATE, and actually, TOO ANGRY, TOO STUPID, & TOO POLITICAL, to have the job of Fed Chair,” Trump wrote. “He is costing our Country TRILLIONS OF DOLLARS, in addition to one of the most incompetent, or corrupt, renovations of a building(s) in the history of construction!… ‘Too Late’ is a TOTAL LOSER, and our Country is paying the price!”

Fed holds rates steady, defies pressure

The Federal Reserve on Wednesday held its key interest rate at 4.25 to 4.5 percent, the fifth such decision this year. Powell gave no strong indication that the Fed would lower rates anytime soon, despite Trump’s persistent public pressure. The announcement came just days ahead of the president’s August 1 tariff deadline.

Powell stated that the effects of Trump’s trade policies—including sweeping tariffs—are still being evaluated, particularly their potential impact on inflation. His comments signaled that a September rate cut, expected by some economists, is increasingly unlikely.

“We’ve learned that the process will probably be slower than expected,” Powell said. “We think we have a long way to go to really understand exactly how” the tariffs will affect inflation and the economy.

Rare dissent inside Fed board

According to an AP report, for the first time in more than 30 years, the Fed saw a double dissent from its governing board. Governors Christopher Waller and Michelle Bowman, both viewed as potential successors to Powell when his term ends in May, voted to lower borrowing costs.

Meanwhile, Powell and seven other officials chose to keep rates unchanged. One official, Governor Adriana Kugler, was absent and did not vote.

Despite Thursday’s outburst, the president had a seemingly cordial meeting with Powell last week at the Federal Reserve headquarters, where they reviewed the building’s renovation. Powell later described the visit as an “honor,” while Trump publicly claimed there was “no tension” between them.

“I hear they’re going to do it in September, not today. For what reason? Nobody knows,” Trump said Wednesday, predicting that the Fed “probably won’t” lower rates. “There’s a lot of money coming in and no inflation so rates should be lower,” he added.

(With inputs from AP)