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President Donald Trump blasted out a statement against the Chair of the Federal Reserve, Jerome “Jay” Powell, in a scathing post on Truth Social on Wednesday.
The Wall Street Journal explained: Trump issued his latest statement about an hour after Powell concluded a news conference in which he signaled the Fed was comfortable with a new wait-and-see posture on interest-rate cuts. The central bank lowered its benchmark interest rate by a full percentage point at the last three meetings of 2024, after inflation slowed considerably over the past two years.
At the news conference, Powell leaned heavily on the keep-your-head-down demeanor he honed during his first rodeo with Trump seven years ago. Powell sidestepped multiple questions that could have provoked a collision with Trump.
Trump wrote:
“Because Jay Powell and the Fed failed to stop the problem they created with Inflation, I will do it by unleashing American Energy production, slashing Regulation, rebalancing International Trade, and reigniting American Manufacturing, but I will do much more than stopping Inflation, I will make our Country financially, and otherwise, powerful again! The Fed has done a terrible job on Bank Regulation.
“Treasury is going to lead the effort to cut unnecessary Regulation, and will unleash lending for all American people and businesses. If the Fed had spent less time on DEI, gender ideology, “green” energy, and fake climate change, Inflation would never have been a problem. Instead, we suffered from the worst Inflation in the History of our Country!”
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