Trump says ‘stupid’ Powell ‘probably won’t cut’ rates when Fed meeting ends Wednesday-OxBig News Network

With the Federal Reserve just hours away from its latest decision on interest rates, President Donald Trump on Wednesday lambasted Chair Jerome Powell, calling him “stupid” while he doubted the central bank would cut.

In his latest in a series of attacks on Powell that go back years, Trump said the Fed’s key borrowing rate should be at least 2 percentage points lower.

“So we have a stupid person. Frankly, you probably won’t cut today,” Powell said in impromptu remarks just outside the White House. “Europe had 10 cuts, and we had none. And I guess he’s a political guy, I don’t know. He’s a political guy who’s not a smart person, but he’s costing the country a fortune.”

The remarks came just about four hours before the rate-setting Federal Open Market Committee was to release its statement on interest rates, along with an update of where it sees policy and several key economic metrics heading over the next several years.

Market pricing indicates no probability of cut at this meeting, with the next move expected in September. The Fed currently targets its overnight borrowing rate in a range between 4.25%-4.5%.

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