Trump slams Jerome Powell for not cutting interest rates: ‘Our country is paying the price!’

Trump posted to Truth Social, "Jerome 'Too Late' Powell has done it again!!! He is TOO LATE, and actually, TOO ANGRY, TOO STUPID, & TOO POLITICAL, to have the job of Fed Chair."

"He is costing our Country TRILLIONS OF DOLLARS, in addition to one of the most incompetent, or corrupt, renovations of a building(s) in the history of construction! Put another way, 'Too Late' is a TOTAL LOSER, and our Country is paying the price!" Trump added.

The post from Trump comes after the Federal Reserve held interest rates steady in a 9 to 2 vote. However, it is the first time that Fed board officials have had a double dissenting vote in over three decades, per The Hill.

The dissenting votes came from Fed Vice Chair of Supervision Michelle Bowman as well as Gov. Christopher Waller; both are also in the running to get the president's nomination to replace Powell as Fed Chair. The board—consisting of a regional rotation of Federal Reserve officials—usually votes unanimously. However, the dissenting votes mark a divide in what some on the board want for the country.

“This was quite a good meeting all around the table,” Powell said of the vote. “People thought carefully about this and put their positions out there.”

“The majority of the committee was of the view that inflation is a bit above target. Maximum employment is at target. That calls for modestly restrictive [interest rates] in my way of thinking,” he added. “But we had two dissenters …. you want that clear thinking—expression of your thinking, and we certainly had that today.”

This comes as some have argued that tariffs imposed by Trump on various countries will increase inflation as the annual inflation rate increased from 2.4 percent in May to 2.7 percent in June, and that the money supply should not be increased in the economy, which lower interest rates would incentivize. The inflation rate, however, is still lower than when Trump took office.

As the inflation numbers came out, so did GDP, which showed a massive rebound of 3 percent growth in the economy in the second quarter of 2025.