Former President Donald Trump launched his harshest criticism to date against Federal Reserve Chairman Jerome Powell, expressing regret over his appointment and accusing him of maintaining excessively high interest rates. Trump claimed through Truth Social that Powell's policies cost the United States up to $1 trillion annually. "He is an obvious idiot who hates Trump," the former president wrote, suggesting Powell should immediately cut interest rates by 1-2% to save on interest expenses.
These remarks highlight Trump's long-standing dissatisfaction with Powell, whom he appointed in 2018. The former president revealed that he had tried to influence Federal Reserve policies through various approaches including "friendly, neutral, and malicious" methods, finding that only hostile tactics were effective. Trump blamed his advisors for Powell's appointment and criticized President Biden for keeping him, while claiming that inflation is no longer an issue against the backdrop of economic growth.
Market observers note that such political pressure on central bank independence could lead to volatility across various asset classes, including cryptocurrencies. Digital assets are typically sensitive to interest rate expectations, with potential Federal Reserve accommodative policies usually viewed as favorable for risk assets like BTC and Ethereum.
