President Donald Trump launched a new verbal assault against Federal Reserve Chairman Jerome Powell on Friday, calling him “one of my worst appointments.”

The president’s feud with the Federal Reserve head continued on Friday, with Trump lashing out against him in posts on Truth Social. He used his new nickname for Powell, “Too Late,” and claimed he was “choking out the housing market with their high rate,” making it difficult for young people to buy homes.

Recommended Stories

• Campaign cash buys Big Crypto allies on Capitol Hill
• House passes 'crypto week' legislation after Republican revolt
• Rumored candidate to replace Powell calls for 'regime change' at Fed

“He is truly one of my worst appointments,” Trump wrote. “Sleepy Joe saw how bad he was and reappointed him anyway – And the Fed Board has done nothing to stop this ‘numbskull’ from hurting so many people. In many ways the Board is equally to blame!”

He added that the United States is “Rockin,'” with “VERY LOW INFLATION” and that the interest rates should be at 1%.

“I can’t tell you how dumb Too Late is – So bad for our Country!” he concluded.

Lowering interest rates typically stimulates the housing market, boosting demand as mortgage rates are cheaper. It likewise boosts the stock and crypto market.

Powell has hesitated to cut interest rates over fears of inflation, particularly previous forecasts of inflation due to Trump’s tariffs. His position is supported by most of the Federal Open Market Committee.

On June 1, speaking as part of a panel at the European Central Bank forum in Sintra, Portugal, Powell suggested that his refusal to cut interest rates was a consequence of Trump’s April “Liberation Day” tariffs.

“In effect, we went on hold when we saw the size of the tariffs and essentially all inflation forecasts for the United States went up materially as a consequence of the tariffs,” Powell said.

While Trump has gone no-holds-barred on Powell, the Fed chairman has largely refused to fight back, looking to maintain his neutrality. When asked on July 1 how 2025 would be remembered, Powell avoided directly condemning Trump.

“Clearly, it’s an important year,” he responded. “There’s … a lot going on. You know that with trade, and I think I’m hopeful that we’ll look back on it as a year that we … successfully challenged, some significant economic changes. And you know, our job is to make sure that that is the case.”

RAND PAUL INTRODUCES BILL TO AUDIT THE FEDERAL RESERVE

When he was asked directly about Trump’s criticisms, Powell remained stoic.

“I’m very focused on just doing my job,” he answered, drawing applause. “I mean, there are things that … the things that matter are using our tools to achieve the goals that Congress has given us — maximum employment, price stability, financial stability — and that’s what we focus on 100%.”