Trump Criticizes Powell After Fed Holds Interest Rates Steady Amid Dissent

President Donald Trump sharply criticized Federal Reserve Chairman Jerome Powell after the Fed decided to keep interest rates steady, rather than lowering them as Trump had urged. Trump accused Powell of being "too late," "too stupid," and "too political," blaming him for costing the country trillions of dollars and called him a "total loser" on his Truth Social platform. The Federal Reserve held its benchmark interest rate between 4.25% and 4.5% for the fifth consecutive meeting, despite inflation edging higher and pressures linked to Trump's tariffs. Two Fed members, both Trump appointees, dissented and voted for a modest rate cut, marking the first dual dissent in over 30 years. Powell emphasized the Fed's independence and the need to assess more economic data before making further decisions, indicating a possible rate cut in September. While Trump continued to voice strong disapproval, Powell maintained that the Fed's measured approach was in the public's best interest amid ongoing tariff impacts and economic uncertainty.