by Met Middleson

June 19, 2025

Just one day after Fed Chair Jerome Powell warned of a “meaningful amount” of inflation arriving in the coming months, President Trump is lashing out, calling Powell one of “the dumbest, and most destructive” people in government.

In a post this morning on Truth Social, Trump claimed Powell had cost the U.S. “hundreds of billions” by failing to cut interest rates sooner, blaming him and the Fed Board for missing an opportunity to lower borrowing costs on Biden’s short term debt. “Europe has had 10 cuts, we have had none,” Trump wrote. “TOO LATE’s an American Disgrace!”

But Powell’s comments on Wednesday painted a more cautious picture. While long term inflation expectations remain anchored, short term pressures tied to tariffs and trade disruptions are still rising. The Fed signaled it may delay cuts if inflation proves more persistent than expected. That restraint has been key. It was the Fed’s aggressive rate hikes, not political posturing, that pulled inflation down from record highs. The current economic stability is not a fluke, it’s the result of hard calls made early and held through pressure.