President Donald Trump again ramped up the pressure on Fed Chair Jerome Powell to lower interest rates, just days after federal prosecutors opened a controversial criminal investigation into him that has prompted significant GOP blowback.
“Great (LOW!) Inflation numbers for the USA. That means that Jerome ‘Too Late’ Powell should cut interest rates, MEANINGFULLY!!! If he doesn’t he will just continue to be, ‘TOO LATE!’” Trump posted on Truth Social on Tuesday.
As CNN reported, the latest Consumer Price Index showed that the annual pace of inflation was unchanged from November at 2.7%, according to Bureau of Labor Statistics data released Tuesday.
Later Tuesday, when asked by a reporter whether he’s concerned the investigation into Powell will undermine confidence in the Fed, Trump criticized Powell’s job performance and claimed he’s “billions of dollars over budget” on its $2.5 billion headquarters renovation project.
“He’s billions of dollars over budget, so he either is incompetent or he’s crooked. I don’t know what he is, but he doesn’t, certainly doesn’t do a very good job,” Trump said while leaving the White House for Michigan.
Trump has said he doesn’t know anything about the criminal investigation, but Powell has said he sees the move as politically motivated.
“The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President,” he said in a Sunday night video message.