Trump on Base Interest Rate Freeze: "Fed Failed to Address Inflation"

President Donald Trump criticized the U.S. central bank, the Federal Reserve (Fed), for failing to address inflation after it decided to keep the benchmark interest rate unchanged.

According to CNBC, Fox Business, and others on the 29th (local time), President Trump posted on the social networking service (SNS) Truth Social, stating, "Jay Powell (Fed Chair) and the Fed have failed to stop the problem they created with inflation."

This post was made two hours after the Federal Open Market Committee (FOMC) meeting announced the decision to hold the benchmark interest rate steady. The Fed had cut rates three consecutive times since September last year but kept the benchmark rate at 4.25?4.50% on this occasion.

President Trump said, "I will do much more than just stop inflation," adding, "I will make America strong again financially and in other aspects."

He continued, "What the Fed has done regarding bank regulation has been terrible," and added, "The Treasury Department will lead efforts to reduce unnecessary regulations."

He also stated, "If the Fed had spent less time on diversity, equity, and inclusion (DEI), gender ideology, clean energy, and 'fake' climate change, inflation would never have been a problem," and said, "We have suffered from the worst inflation in U.S. history."

Chairman Powell did not respond to questions related to President Trump during the press conference. However, he said, "We do not know what will happen regarding tariffs, immigration, fiscal policy, and regulations under the Trump administration," and added, "There is no need to rush to adjust our policy stance." He also emphasized the Fed's independence.