Trump criticizes Powell for refusing to lower interest rates
President Donald Trump lashed out at Federal Reserve Chairman Jerome Powell, accusing him of costing the U.S. billions by maintaining interest rates at restrictive levels.
In a fiery Truth Social post, Trump called Powell “the WORST” and “a real dummy,” linking to a National Mortgage News article in which housing regulators called for Powell’s resignation, reports Crypto News.
The attack comes amid growing White House pressure on the central bank to cut rates by at least 200 basis points. Trump’s comments underscore rising political tension over economic policy, especially as the Fed’s June 18 decision to hold rates at 4.25%–4.5% clashes with the administration’s push for aggressive easing.
Bitcoin Stagnates Amid Fed-Induced Uncertainty
While equity markets experienced minor turbulence, Bitcoin’s momentum hit a wall following the Fed’s announcement. The leading cryptocurrency has hovered around $104,000, seeing only 0.3% growth over the past two weeks and recording daily fluctuations as low as 0.1%. Analysts point to the Fed’s “wait-and-see” stance and persistent inflationary pressures—now forecast at 3% for 2025—as reasons for the market’s pause.
This has stalled BTC’s prior rally, disappointing traders and the president alike. Crypto trading volumes also took a hit, dropping 15% to $101 billion, while the total crypto market cap fell 2.3% to $3.3 trillion.
Powell Defends Rate Hold Amid Mixed Economic Signals
Speaking at a press conference, Powell defended the Fed’s cautious posture, citing economic uncertainty tied to inflation, tariffs, and global instability. “We have to learn more about tariffs,” Powell said, referencing the Trump administration’s new trade barriers and their inflationary impact.
The Fed also revised down its GDP forecast for 2025, suggesting weaker future growth. Despite holding rates steady, the central bank signaled two cuts later this year, in line with its March guidance. But the market remains skeptical. Stocks traded flat, with the Dow dipping 0.10% and the S&P 500 down 0.03%, while the Nasdaq edged up 0.13%. Meanwhile, crypto markets—especially Bitcoin and Ethereum—remain stuck in limbo, awaiting clearer signals from policymakers.
Recently we wrote that Federal Reserve Chair Jerome Powell suggested Wednesday that banks may soon see a relaxation of stringent crypto‐related guidance.
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