President Trump on Thursday labeled Fed Chair Jerome Powell an “American disgrace” after the central bank refused to cut interest rates one day earlier.

Mr. Trump has been lobbying barbs and nicknames at Mr. Powell for months, though his latest social media post was especially cutting.

“He is truly one of the dumbest, and most destructive, people in Government, and the Fed Board is complicit,” the president wrote on Truth Social after earlier in the year calling him a “total stiff.”

The Federal Open Market Committee decided Wednesday to keep the benchmark rate at 4.25% to 4.5%, given the uncertainty around Mr. Trump’s trade policies and the rate of inflation.

The Fed is on track for two rate cuts later in the year, but it’s raising concerns about possible slower growth and tariff-related price hikes that could be temporary or long-lasting.

“For the time being, we are well-positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance,” Mr. Powell said.

The Fed’s reluctance to lower rates is infuriating Mr. Trump, who says American borrowers deserve better terms while he implements an aggressive economic agenda of tariffs on imports and cuts to deregulations and taxes.

“Europe has had 10 cuts, we have had none,” Mr. Trump wrote Thursday.

The Fed is an independent agency supposed to be free from direct political pressure. The president appoints a Fed chairman every four years but doesn’t have the authority to fire him or her.

Mr. Powell’s term as chair ends in May. Despite speculation, Mr. Trump has said he would not try to oust Mr. Powell.

Instead, the president is railing against him in personal terms, often using the moniker “Too late” instead of Mr. Powell’s name.

“We have LOW inflation! TOO LATE’s an American Disgrace!” he wrote.

Mr. Powell on Wednesday brushed off questions about his status vis-a-vis Mr. Trump and its impact on markets, saying the open market committee is laser-focused on maintaining a “good, solid” economy with a strong labor market and price stability.

“That is what matters to us,” he said. “Pretty much, that’s all that matters to us.”

Asked if he would stay on as a Fed governor when his term as chair ends, Mr. Powell said he was focused on the current data.

“I’m not thinking about that,” he said before pointing to papers in front of him. “I’m thinking about this.”

• Tom Howell Jr. can be reached at thowell@washingtontimes.com.