Former President Donald Trump has once again criticized Federal Reserve Chair Jerome Powell. The criticism touches on both the management of the central bank and budgetary issues.
Trump's Criticism of Powell
Trump expressed dissatisfaction with Powell's actions, calling his handling of America's financial strength disrespectful. In his post, he said: 'Too Late demeans the great credit of the USA. We are again the number one credit in the world! The Fed rate should reflect this. Lower the rate!'
Fed's Budget Issues
Trump's discontent also targets the renovation project of the Fed's building in Washington. His budget chief, Russell Vought, accused Powell of mismanaging the project, which has escalated to $2.5 billion—$700 million over budget. Vought described the project as ‘ostentatious’ and provided data on the cost per square foot.
New Economic Studies and Potential Actions by Trump
Trump also referenced a report by the Council of Economic Advisers, claiming that tariffs have had no impact on inflation while import prices are dropping. Reports indicate that Trump may consider removing Powell if the mismanagement allegations go unanswered.
Trump's criticism of Powell highlights the strained relationship between the administration and the central bank, raising questions about the future management of the Fed.
