WASHINGTON (Reuters) - President Donald Trump blasted the Federal Reserve for delivering only a quarter-percentage point interest rate cut on Wednesday, saying the U.S. central bank and its chair, Jerome Powell, had “No ‘guts,’ no sense, no vision!”
“A terrible communicator,” Trump said of Powell in his latest Twitter attack on the Fed and Powell, less than a half hour after the Fed announced its second rate reduction this year.
“Jay Powell and the Federal Reserve Fail Again,” Trump said.
Trump had called for a larger rate cut from the Fed. He has repeatedly railed against the Fed and Powell, whom he appointed as chair, claiming that the Fed’s monetary policy has been holding back U.S. economic growth.
The Fed, in announcing the rate cut, said Trump’s trade war with China and a global economic showdown ran the risk of creating headwinds for U.S. economic growth, but it gave mixed signals as to what sort of actions it may take next.
Reporting by Makini Brice; Writing by Tim Ahmann; Editing by Chris Reese and Leslie Adler