Donald Trump has insisted he’s a “kind” and “gentle” person while in the same breath blasting one of his very own appointees as a “moron.”
The president’s comments came as part of a confused and rambling Truth Social tirade posted early Thursday morning. “Jerome ‘Too Late’ Powell again refused to cut interest rates, even though he has absolutely no reason to keep them so high,” Trump began.
The MAGA leader has repeatedly lambasted Powell, who he appointed as chairman of the Federal Reserve in 2018, for refusing to follow White House instructions on interest rates. Wednesday’s announcement is the first time since July that rates have not been cut.
“He is hurting our Country, and its National Security,” Trump wrote. “We should have a substantially lower rate now that even this moron admits inflation is no longer a problem or threat. He is costing America Hundreds of Billions of Dollar a year in totally unnecessary and uncalled for INTEREST EXPENSE.”
Powell has not said that inflation is not a problem. He said in December only that it has inched closer to the Fed’s target level, and otherwise insisted the U.S. faces risks from multiple stressors, such as low job growth and economic uncertainty.
Trump appeared eager to push those and any other fiscal concerns under the rug on Thursday. “Because of the vast amounts of money flowing into our Country because of Tariffs, we should be paying the LOWEST INTEREST RATE OF ANY COUNTRY IN THE WORLD,” he wrote.
The MAGA leader has repeatedly used hyperbole regarding claims about tariff revenue under his second administration. There is a broad consensus among economists that such levies are not a durable solution to fiscal crises, as higher costs inevitably shift to consumers over time.
“Most of these countries are low interest rate paying cash machines, thought of as elegant, solid, and prime, only because the U.S.A. allows them to be,” Trump went on. “The Tariffs being charged to them, while bringing in $BILLIONS to us, still allows most of them to have a significant trade surplus, though much smaller, with our beautiful, formerly abused Country.”
“In other words, I have been very nice, kind, and gentle to countries all over the World,” he concluded, before demanding again the Fed should “substantially lower interest rates, NOW!”
Earlier this month, Powell made headlines when he defied Trump by releasing a video message regarding a criminal investigation opened by the Department of Justice into the renovation of the Central Bank’s headquarters.
“I have deep respect for the rule of law and for accountability in our democracy. No one—certainly not the chair of the Federal Reserve—is above the law,” Powell said in his video message. “But this unprecedented action should be seen in the broader context of the administration’s threats and ongoing pressure.”
The Daily Beast has reached out to the White House for comment on this story.
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