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Business & Economy

Business & Economy

The Big Story

Trump goes after Powell

President Trump is dishing out some heat to Federal Reserve Chair Jerome Powell after the central bank kept interest rates steady Wednesday.

© The Associated Press

Trump on Wednesday accused the Fed and Powell of allowing inflation to spiral to four-decade highs in the aftermath of the COVID-19 pandemic and recession.

Trump frequently criticized the Fed’s monetary policy during his first term and recently said he knows how to handle interest rates better than the central bank.

As the Fed started cutting interest rates last fall and loosening policy after tightening it in response to the post-pandemic inflation, Trump softened his criticisms of Powell, saying that he’d let him serve out his term.

But Trump turned the heat back up on Powell last week.

“I think I know interest rates much better than they do, and I think I know it certainly much better than the one who’s primarily in charge of making that decision,” Trump told reporters last week, ostensibly referring to Powell.

Powell said during Wednesday’s press conference he’s had no contact with Trump, despite his public remarks.

The Hill's Sylvan Lane and Tobias Burns have more here.

Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.

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