[By Guancha Observer Network, Zhang Jingjuan] Federal Reserve Chairman Powell once again withstood pressure from U.S. President Trump this week and decided to keep the current interest rate unchanged, which triggered a strong backlash from Trump.

According to reports by CNBC on the 19th, Trump blasted Powell on social media, calling him "stupid and destructive."

The U.S. Federal Reserve announced on the 18th after a two-day monetary policy meeting that it would maintain the federal funds rate target range between 4.25% and 4.50% unchanged. This is the fourth consecutive decision by the Federal Reserve's monetary policy meeting to keep interest rates unchanged.

The Federal Reserve also downgraded its economic growth forecasts for the U.S. this year and next. Among them, the median forecast for economic growth in 2025 was lowered from 1.7% to 1.4%; unemployment rate and inflation rate forecasts were both raised.

Powell said on the same day, "For now, we can fully observe more information about the direction of the economy before considering any adjustments to the policy."

Local time on June 18, 2025, Washington D.C., Federal Reserve Chairman Powell holds a press conference. IC Photo.

On the evening of the 18th, Trump posted on his self-created social platform "Truth Social," calling Powell "Mr. Too-Late" and stating that Powell is the worst. "He's a real idiot."

Trump also attached a link with the article title: "Regulators of Fannie Mae and Freddie Mac: Powell should cut interest rates, otherwise he should resign."

On the 19th, Trump continued to criticize Powell, stating that Powell is costing the U.S. billions of dollars. "He is one of the most foolish and destructive people in the government, and the Federal Reserve Board is also to blame. Europe has cut interest rates 10 times, while we have not done so even once."

He believes that U.S. interest rates should be reduced by 2.5 percentage points, which could save billions of dollars on all short-term debts during Biden's term, and emphasized that the current inflation rate in the U.S. is very low.

The report pointed out that Trump's criticism of Powell is not surprising, as Trump has long criticized Powell for refusing to cut interest rates.

A few hours before the Federal Reserve announced its interest rate decision, Trump publicly expressed dissatisfaction with Powell, calling him a "fool."

He told reporters outside the White House that Powell is an unintelligent politician who has caused great losses to the country.

Trump also joked that he could serve as the Federal Reserve chairman and boasted that he would do better than these people.

Talking about the next chairperson of the Federal Reserve, Trump stated that he plans to announce it "soon."

The seven members of the Federal Reserve Board, including the chairman, are appointed by the U.S. president and confirmed by the Senate. Powell was nominated as chairman of the Federal Reserve by Trump in 2017, approved by the Senate after voting, reappointed after being nominated by President Biden in 2022, and will remain in office until May 2026.

This article is an exclusive contribution from Guancha Observer Network and cannot be reproduced without permission.

Original source: https://www.toutiao.com/article/7517902213671387682/

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