Trump is pushing for the Federal Reserve to cut interest rates.
President Donald Trump accused the Federal Reserve under Chairman Jerome Powell of « choking out the housing market » in his latest attack on the central bank’s decision-making.
He made the comments after data from mortgage buyer Freddie Mac painted a painful picture of the housing market, with elevated borrowing costs driving a long-running pinch in home sales.
Trump, citing higher interest rates, said they are « making it difficult for people, especially the young, to buy a house », calling Powell « truly one of my worst appointments » in a new post on his Truth Social platform Friday morning, July 18.Trump Calls Powell ‘Numbskull’
He has repeatedly criticized Powell, nicknaming him « Too Late » because he has not cut interest rates sooner, arguing that the higher cost of borrowing is needlessly holding back the American economy. Trump appointed Powell as chairman in 2018.
The Federal Reserve’s Board of Governors is waiting to see what impact Trump’s tariffs have on inflation, fearing a looming spike, before moving to cut rates. They are mandated by Congress to target full employment while maintaining stable prices.
The Fed’s target range for its key rate is 4.25 percent to 4.5 percent. It last cut rates in December 2024.
« Sleepy Joe saw how bad he was and reappointed him anyway – And the Fed Board has done nothing to stop this ‘numbskull’ from hurting so many people », Trump said in his post, referring to President Joe Biden’s reappointment of Powell in 2022.
