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President Donald Trump called on Congress puts pressure on the “very dumb, hardheaded” Federal Reserve Chair Jerome Powell during the central bank’s appearance today before the House Financial Services Committee and tomorrow before the Senate Banking Committee.

Powell, who is heading to Capitol Hill to deliver the Fed’s Semi-Annual Monetary Policy Report today, has been the target of the president’s frustration since Trump’s return to the presidency. The Federal Reserve last cut rates in December while Joe Biden was still in the White House, and Trump has repeatedly faulted him for holding rates at the 4.25% to 4.5% range while the central banks of the European Union and the major Western economies have repeatedly lowered their rates.

Today on Truth Social, Trump wrote: “‘Too Late’ Jerome Powell, of the Fed, will be in Congress today in order to explain, among other things, why he is refusing to lower the Rate. Europe has had 10 cuts, we have had ZERO. No inflation, great economy – We should be at least two to three points lower. Would save the USA 800 Billion Dollars Per Year, plus. What a difference this would make. If things later change to the negative, increase the Rate. I hope Congress really works this very dumb, hardheaded person, over. We will be paying for his incompetence for many years to come. THE BOARD SHOULD ACTIVATE. MAKE AMERICA GREAT AGAIN!”

Over the past week, Fed Governors Michelle Bowman and Christopher Waller have raised the possibility of a rate cut occurring during the central bank’s next meeting from July 29-30. However, in prepared remarks delivered ahead of his congressional appearance, Powell continued to resist the pressure to cut rates, claiming, “Policy changes continue to evolve, and their effects on the economy remain uncertain. The effects of tariffs will depend, among other things, on their ultimate level.” Powell added that the central bank was “well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance.”

Photo: Federal Reserve