President Donald Trump slammed Federal Reserve Chair Jerome Powell on Wednesday ahead of the central bank’s interest rate decision, calling him “a stupid person.”
“We have a stupid person, frankly, at the Fed,” Trump said. “He probably won’t cut.”
The Fed will announce its latest decision on whether to cut interest rates on Wednesday.
The Fed is widely expected to leave interest rates unchanged this week, which would make it four straight meetings in which the central bank has left rates unchanged. The benchmark federal funds rate has been at a target range of 4.25% to 4.5% since the Fed’s last interest rate cut in December.
The central bank and Powell have faced mounting political pressure from the Trump administration to lower rates to spur the economy.
