US president slams Fed chief for not cutting rates

US President Trump renewed his criticism on Thursday of Federal Reserve chair Jerome Powell, complaining the Fed is refusing to lower interest rates. Trump said cutting interest rates would be “like jet fuel” for the economy “but he doesn’t want to do it”. He said Powell is “not in love with me”. Fed this week kept short-term borrowing costs in the 4.25%-4.50% range, where they have been since Dec. While big tariffs are likely to increase inflation and unemployment, the economy so far has shown little sign of either, Powell said, giving the central bank time to wait and see until there is more clarity on where tariffs actually end up, and how that affects prices and jobs. Fed can then act as needed, and potentially aggressively, he said. Trump has made no secret of his dissatisfaction with Powell’s conduct, even suggesting he would like him gone. Powell has said he intends to complete his term, ending in about a year.

This is a Reuters story