President Donald Trump on Wednesday accused Federal Reserve Chair Jerome Powell of failing to control inflation, blaming the Fed’s focus on social and environmental issues.
The president vowed to counter what he called the Fed’s mismanagement with deregulation, energy expansion, and Treasury-led lending that would boost economic growth and ease inflationary pressures.
Trump’s remarks, made in a Truth Social post, came after the Fed decided to hold interest rates steady in response to persistent inflation concerns. Powell, speaking at a press briefing, signaled that rates could remain elevated for an extended period if inflation fails to decline further.
“If the economy remains strong and inflation does not continue to move sustainably toward 2 percent, we can maintain policy restraint for longer,” Powell said. “If the labor market were to weaken unexpectedly or inflation were to fall more quickly than anticipated, we can ease policy accordingly.”
Trump, who has recently ramped up pressure on the Fed to cut interest rates, accused Powell of mismanaging inflation and claimed that the central bank had neglected its core mandate by focusing too much on issues like diversity, equity, and inclusion (DEI), climate policies, and social justice. […]
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