President Donald Trump, on the right, speaks while Jerome Powell, candidate of Trump as president of the federal reserve, listens to an announcement of appointment in the Rose Garden of the White House in Washington, DC, on November 2, 2017.
Olivier Douliery | Bloomberg | Getty images
President Donald Trump criticized the president of the federal reserve Jerome Powell on Wednesday and the American central bank, saying that they “had not stopped the problem they created with inflation” and did a “work terrible on banks’ regulation “.
Trump delivered the edge of the truth on Truth Social two hours after the Fed chose to maintain a key interest rate at its current level. It was the first decision of Trump’s mandate.
Last week, Trump said that he “would demand that interest rates would drop immediately.”
Powell highlighted the importance of the central bank’s independence from external influence, and the newly confirmed Treasury Secretary Scott Bessent echoes this point of view.
But Trump – who appointed Powell in 2018 but quickly embellished the choice – questioned the longtime tradition of the independence of the Fed, saying that he thought that the president should obtain a word to say about decisions interest rate.
As a presidential candidate in 2024, Trump said that he will not give up Powell when his current mandate as president of the Fed ends in 2026, although he also declared that he would not try Not to end the mandate of Powell early.
At a press conference earlier Wednesday afternoon, Powell deviated all questions surrounding Trump and his Fed criticisms.
This did not save him from Trump, whose social post of truth blamed Powell and the Fed for inflation which followed the cocovio pandemic and hanged on the Biden administration.
Trump said he would reduce costs himself, fear a number of his economic articles, including “reduction in regulations” and “reviving American manufacturing”.
“The Fed has done terrible work on banking regulations,” Trump wrote in the post. He said that the Treasury under Bessent “will lead the effort to reduce unnecessary regulation” and “release loans for all Americans and businesses”.
The president also accused the Fed of focusing on the type of progressive ideals – such as climate change, diversity, equity and inclusion efforts – which the new administration quickly sought to delete.
“If the Fed had spent less time on Dei, gender ideology,” green “energy and false climate change, inflation would never have been a problem,” wrote Trump. “Instead, we have suffered from the worst inflation in the history of our country!”
