The chairman of the Federal Reserve System of the USA, Jerome Powell, stated that the call from President Donald Trump to lower the interest rates does not affect the work of the Federal Reserve. Powell noted at a press conference after a meeting of the Federal Open Market Committee that it decided not to change the interest rates, which has a high degree of uncertainty regarding the scope, nature, and timing of the effect of the tariff.
He explained that the bank "will take some time before making any decisions regarding the required monetary policy adjustments," noting that the imposed tariffs have so far significantly exceeded expectations. Powell added that projected inflation in the long term continues to align with the goals of the Federal Reserve, however, short-term inflation has noticeably risen, noting that the level of inflation remains above the target level at 2%.
President Donald Trump recently stated that he was not considering firing Jerome Powell from the position of chairman of the Federal Reserve until the end of his term in May 2026. Trump humorously issued questionable criticism of the Federal Reserve chairman, stating that he has no clear understanding of economics. This occurred during harsh criticism of the Federal Reserve chairman after the decision of the Central Bank to maintain rates due to economic uncertainty caused by the imposed tariffs.
Trump, in his communication on the platform "Truth Social," called Jerome Powell an "extremely overrated idiot" and added: "Very productive! Enjoy yourselves!" Powell remained calm, noting that prices for oil and energy have significantly dropped, most expenses, such as food and eggs, have decreased, inflation is almost nonexistent, and tariffs are gradually entering the USA – in short, the situation is absolutely contradictory to the "extremely overrated"!
