Trump resumes his attacks on the Federal Reserve Chairman again for not cutting interest rates.
Considering this time that it is harming the housing market due to the high cost of borrowing.
US President Donald Trump has once again attacked Federal Reserve Chairman Jerome Powell for not cutting interest rates, this time arguing that it is hurting the housing market due to high borrowing costs, according to Bloomberg.
Trump said in a social media post that "someone needs to tell 'always late' Powell that he is hurting the housing industry very badly," adding that "people can't get home loans because of him."
This statement represents the latest in a series of ongoing attacks on Powell by Trump, who wants to lower borrowing costs while the Fed waits for clarity on the impact of the administration's policies on the labor market and inflation.
This statement comes days before Jerome Powell's speech in Jackson Hole, where Powell is expected to provide clues about the path of interest rates, as traders consolidate their bets on a cut in September amid expectations of another cut this year.
The US president has been attacking Powell since the beginning of the year, considering firing him for not cutting interest rates. He later backed down from the idea, but continued his attacks, describing Powell as "too late" and considering appointing a successor to Powell "early" as another means of pressure.
Last August, Trump called on the Federal Reserve Board to "take over" if Powell did not cut interest rates.
“Jerome Powell is a very slow, stubborn fool who needs to cut rates significantly now,” he wrote in a social media post, using all capital letters to show his anger. “If he continues to refuse, the Fed should take over and do what everyone knows needs to be done.”
The Federal Open Market Committee, chaired by Powell, makes interest rate decisions. The committee's voting members include seven members of the Federal Reserve Board of Governors in Washington and five presidents of regional Federal Reserve banks. The committee elects its chairman and vice chairman once a year.
