President Donald Trump lashed out at Federal Reserve Chair Jerome Powell on Thursday, according to CNBC. The President called Powell a "fool" in a Truth Social post after the central bank chose to hold interest rates steady due to ongoing economic uncertainty tied to tariffs. The Fed left its benchmark rate at 4.25% to 4.5% for the third straight meeting, citing risks of rising inflation and unemployment. Trump claimed inflation is virtually nonexistent and insisted his tariff policies are boosting the U.S. economy. Powell responded that political pressure plays no role in Fed decisions, emphasizing the bank’s commitment to data-driven policy. Markets had previously dipped on fears Trump might fire Powell, but he recently ruled out that option, easing investor concerns.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02President Donald Trump last night at Federal Reserve Chair Jerome Powell on Thursday,
00:06according to CNBC. The president called Powell a fool in a true social post after the central
00:10bank chose to hold interest rates steady due to ongoing economic uncertainty tied to tariffs.
00:15The Fed left its benchmark rate at 4.25 percent to 4.5 percent for the third straight meeting,
00:21setting risks of rising inflation and unemployment. Trump claimed inflation is virtually
00:25non-existent and insistent as tariff policies are boosting the U.S. economy. Powell responded
00:30the political pressure plays no role in Fed decisions, emphasizing the bank's commitment
00:34to data-driven policy. Markets had previously dipped on Ferris Trump might fire Powell,
00:39but he recently ruled out that option, easing investor concerns.
00:43For all things money, visit Benzinga.com slash GSTV.