Trump says Powell is a 'moron' and calls for the board to 'assume control' of the Fed, soon after it kept rates steady again

Jerome Powell faces renewed attacks from Trump, who called him a "moron" after the Fed held rates steady.Chip Somodevilla/Getty ImagesTrump called Fed Chair Jerome Powell a "moron" after the central bank held rates steady once again.The president has consistently pressured Powell to cut interest rates since taking office in January.Powell stayed firm on Wednesday, saying cutting too soon risks reigniting inflation.President Donald Trump lashed out at Federal Reserve chair Jerome Powell once again on Friday, calling him a "stubborn MORON" in his strongest attack yet in a monthslong campaign to push the Fed to cut rates. "Jerome "Too Late" Powell, a stubborn MORON, must substantially lower interest rates, NOW," Trump wrote in a post on Truth Social. "IF HE CONTINUES TO REFUSE, THE BOARD SHOULD ASSUME CONTROL, AND DO WHAT EVERYONE KNOWS HAS TO BE DONE!"It comes after the Fed, citing persistent inflation and a still-strong labor market, opted Wednesday to maintain its benchmark rate.Two Fed governors dissented, calling for cuts, but Powell said the majority of officials supported a "moderatively restrictive" stance to avoid reigniting inflation.Trump's comments also come amid speculation that he may try to replace Powell before his term expires in May 2026.Cabinet officials have echoed Trump's frustration. Treasury Secretary Scott Bessent recently accused the Fed of "fear-mongering" over tariffs, and Commerce Secretary Howard Lutnick said Powell is "torturing America" with high rates.Despite the criticism, Powell held firm. "If we cut rates too soon, maybe we didn't finish the job with inflation," he said on Wednesday. "If we cut too late, maybe we're doing unnecessary damage to the labor market."Read the original article on Business Insider

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