President Donald Trump has never been one to hold back, but his latest jab at Federal Reserve Chair Jerome Powell might be aging worse than milk left out in the sun. Less than a day after calling Powell a “numbskull” for refusing to slash interest rates, the financial landscape has shifted dramatically—putting Trump’s demand in an awkward position.
At a White House event on Thursday, Trump unleashed a tirade against Powell, frustrated that the Fed hadn’t cut rates despite inflation remaining near a four-year low. For months, Trump has been pushing aggressively for lower rates, arguing that cutting them by two percentage points could save the government $600 billion a year in financing costs.
Vice President JD Vance also turned up the heat on Powell, calling the central bank’s refusal to cut rates “monetary malpractice” in a June 12 post on X.
But Powell, ever cautious, has refused to budge as the rate of consumer-price increases is still above the central bank’s 2% target. Trump has dismissed those concerns outright, insisting that inflation was under control and …