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Investing.com -- President Donald Trump has intensified his pressure on the Federal Reserve, urging for a full percentage point cut in rates. On Friday, Trump took to social media to criticize Chair Jerome Powell, nicknaming him "Too Late" at the Fed.
In a message on Truth Social, Trump said, "’Too Late’ at the Fed is a disaster! Europe has had 10 rate cuts, we have had none. Despite him, our Country is doing great. Go for a full point, Rocket Fuel!"
Trump’s demand for a full percentage point cut is unusual, but his call for lower rates is not. The President has consistently criticized Powell over his resistance to rate cuts.
The Federal Reserve officials are set to meet on June 17-18 in Washington. It is widely expected that they will leave their benchmark rate unchanged, as they have done throughout the year. Many officials have expressed their desire to wait for more clarity on Trump’s policies regarding trade, immigration, and taxation before making any changes to the rates.
Trump in a second post further accused Powell of costing the country a fortune by maintaining the current rates. He argued that these rates have increased the federal government’s borrowing costs, which he believes should be much lower.