President Donald Trump once again slammed the Federal Reserve and its chairman, saying that Jerome Powell and his colleagues “don’t have a clue” in a tweet.
The Federal Open Market Committee, the Fed’s governing board, is expected to cut interest rates at its meeting today. The expected quarter-point reduction, however, wasn’t enough for Trump, who said he wanted to see a “big” drop in interest rates, according to a Fox Business report.
“The United States, because of the Federal Reserve, is paying a MUCH higher Interest Rate than other competing countries,” Trump tweeted. “They can’t believe how lucky they are that Jay Powell & the Fed don’t have a clue.”
In July, the Fed cut rates for the first time in a decade in response to slowing global growth and worries about Trump’s trade war with China. But the quarter-point reduction wasn’t enough for Trump, who demanded that the Fed cut rates by at least 100 basis points.
Powell is a Trump appointee, but the president has repeatedly attacked the Fed chairman on Twitter. Last month, Trump said that Powell had “a horrendous lack of vision.”
For his part, Powell has made it clear that the Fed is not beholden to the wishes of the president. At a House Financial Services Committee hearing in July, Powell said that he had no intention of leaving his post – even if Trump fired him.
Asked by Rep. Maxine Waters what he would do if the president asked for his resignation, Powell said that “the law clearly gives me a four-year term, and I intend to serve it.”