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The stock market tumbled this week as US President Donald Trump continued his attacks on Federal Reserve Chair Jerome Powell.
The Federal Open Market Committee (FOMC) announced on Wednesday that it planned to maintain the target range for the federal funds rate at 4.25-4.5%, arguing that it was the most suitable level to achieve both maximum employment and controlled inflation.
Trump slammed the decision on his social media platform Truth Social, calling Powell “an American disgrace.”
“‘Too Late’ Jerome Powell is costing our Country Hundreds of Billions of Dollars. He is truly one of the dumbest, and most destructive, people in Government, and the Fed Board is complicit. Europe has had 10 cuts, we have had none. We should be 2.5 Points lower, and save BILLIONS on all of Biden’s Short Term Debt. We have LOW inflation!”
The S&P 500 is down 0.031% in the past day and 0.61% in the past five days, while the Nasdaq Composite is trading roughly even in the past 24 hours but is down 0.55% in the past five days. The Dow Jones Industrial Average is down 0.1% in the past day and 1.29% in the past five days.
Powell met with Trump last month following a barrage of insults from the president. The Fed, however, noted in a statement following the meeting that Powell did not discuss interest rate expectations with the president.
“At the President’s invitation, Chair Powell met with the President today at the White House to discuss economic developments, including for growth, employment, and inflation.
Chair Powell did not discuss his expectations for monetary policy, except to stress that the path of policy will depend entirely on incoming economic information and what that means for the outlook.
Finally, Chair Powell said that he and his colleagues on the Federal Open Market Committee (FOMC) will set monetary policy, as required by law, to support maximum employment and stable prices and will make those decisions based solely on careful, objective, and non-political analysis.”
