Trump calls Fed Chair Powell one of his 'worst appointments' for not lowering interest rates

President Donald Trump on Friday criticized Federal Reserve Chairman Jerome Powell for not lowering interest rates, saying the decision is making it hard for people to purchase homes.

“Too Late,” and the Fed, are choking out the housing market with their high rate, making it difficult for people, especially the young, to buy a house," Trump posted on TRUTH Social. "He is truly one of my worst appointments. Sleepy Joe [Biden] saw how bad he was and reappointed him anyway - And the Fed Board has done nothing to stop this “numbskull” from hurting so many people." 

"Mr. Too Late" is a nickname Trump gave Powell. 

The Trump administration has been highly critical of Powell for not cutting interest rates despite low inflation and improved job numbers. Among the arguments for not cutting rates is projections of higher inflation, as the Fed tries to get it down to its desired annual inflation rate of 2%, now at 2.7%, and that Trump's tariffs will increase inflation. 

On the argument that the Federal Reserve Board is at least in part responsible for people not being able to buy a home, he wrote: "In many ways the Board is equally to blame!" his post continued. "The USA is Rockin’, there is VERY LOW INFLATION, and we deserve to be at 1%, saving One Trillion Dollars a year on Interest Costs. I can’t tell you how dumb Too Late is - So bad for our Country!"

Trump pubically pondered the idea of firing Powell and has drafted a letter to fire him, but hasn't sent it, according to The New York Times.