President Donald Trump renewed his attacks on Federal Reserve Chair Jerome Powell on Thursday, blaming him for keeping interest rates too high even as Trump said mortgage rates have fallen, a fresh escalation in a monthslong clash that now includes a federal probe tied to Powell's congressional testimony.
In a post on Truth Social, Trump wrote: "Mortgage Rates just hit a Three Year Low despite Jerome 'Too Late"' Powell, and his never ending quest to keep Interest Rates high (against 'TRUMP!')."
He continued: "It just shows that he has been wrong all along, because the Market is overtaking his obstinance. The Fed has been hurt and discredited during Too Late's reign!"
Powell has frequently faced Trump's ire over the past few months and was recently informed of a federal probe tied to his congressional testimony last year.
Powell has said the investigation focuses on the ongoing renovation of the Federal Reserve's headquarters in Washington, D.C.
He has said the investigation is really "about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions, or whether instead monetary policy will be directed by political pressure or intimidation."
"I have deep respect for the rule of law and for accountability in our democracy," Powell said in addressing the investigation's launch.
"No one, certainly not the chair of the Federal Reserve, is above the law. But this unprecedented action should be seen in the broader context of the administration's threats and ongoing pressure."
Trump has been touting economic gains and job growth, and he has praised what he calls the impact of his sweeping tariffs.
He has repeatedly urged Powell to validate the realization of his policies by lowering interest rates.
In December, Trump threatened to sue Powell over the Fed's headquarters renovation, raising the prospect of direct legal action against the Fed chair.
"We're thinking about bringing a suit against Powell for incompetence," Trump said.
The Fed has reduced rates by 0.25 percentage points at its last three meetings, bringing the current rate to a range of 3.5% to 3.75%.
Jim Thomas ✉
Jim Thomas is a writer based in Indiana. He holds a bachelor's degree in Political Science, a law degree from U.I.C. Law School, and has practiced law for more than 20 years.
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