Donald Trump is taking aim at a familiar adversary.
The president complained about Jerome Powell in a new post on Tuesday night after weeks of back and forth surrounding the Federal Reserve chair. Trump claimed on Truth Social that Powell is “hurting” the housing industry “very badly”.
In his latest attack, the president claimed there was “no inflation” and said the Fed chair’s economic decisions were the reason Americans are unable to get a mortgage.
His comments on no inflation echo his April criticism of the Federal Reserve for not cutting interest rates, when he said there was “virtually no inflation.”
Trump claimed this week, “inflation is down to a perfect, beautiful number.”
The president posted on Truth Social on Tuesday, “Could somebody please inform Jerome “Too Late” Powell that he is hurting the Housing Industry, very badly? People can’t get a Mortgage because of him.”
He added, “There is no Inflation, and every sign is pointing to a major Rate Cut.”
It follows Trump threatening Powell with “a major lawsuit” last week over the renovations of the Federal Reserve buildings.
Trump has clashed with Powell repeatedly this year over economic policy, giving him the nickname “Too Late” as well as insults including calling him a “moron”, a “numbskull” and a “stiff.”
On Friday, Powell will address the annual Jackson Hole central banking symposium in Wyoming, which will provide an outline for his economic outlook and reveal the chance of interest rates falling.
The next policy meeting for the Federal Reserve will be held on September 16 and 17.
Trump’s key issue with Powell is his refusal to cut interest rates, with the Fed chair admitting to being uncertain about how the president’s tariffs may impact inflation and economic activity.
Last month, the Federal Reserve maintained its policy interest rate range of 4.25-4.50-percent as expected, aiming to bring inflation closer to its target of 2-percent.
Economists have tipped a quarter of a percentage cut to rates next month, with another similar reduction later in the year, while Trump has called for a more substantial cut.
Scott Bessent, Trump’s Secretary of the Treasury, has flagged a possible half-point rate cut next month.
The president has threatened to sack Powell if he did not follow his request to cut interest rates, however the Fed chair’s term ends in May next year.
Earlier this month, the president nominated Stephen Miran, one of his economic aides, to fill a vacant seat as a Federal Reserve governor. It would provide Trump an extra vote in favor of cutting interest rates. Miran has also backed a change in governance that would mean presidents could dismiss employees like Powell at will.
The president posted of Miran, “He has been with me from the beginning of my Second Term, and his expertise in the World of Economics is unparalleled. He will do an outstanding job.”
The two men played nice during an in-person meeting at the Federal Reserve headquarters last month.
The president was checking on the expensive and ongoing renovations that have angered him all year, even claiming he had been guilty of fraud over the cost of the new buildings, which is estimated at $2.5 billion.
During that meeting last month, Trump dodged a question about if he still planned to sack Powell.
“I’m here just really with the chairman. He’s showing us around, showing us the work,” Trump said. “I don’t want to be personal. We’d like to see it get finished.”
When asked what Powell could do to stop the string of insults, Trump said “Well, I’d love him to lower interest rates. Other than that what can I tell you?”
The post Trump Sends Unhinged Truth Social Message to Fed Chair Jerome Powell appeared first on The Daily Beast.
