President Trump railed against Federal Reserve Chair Jerome Powell for not lowering interest rates, saying he wouldn’t fire him but still thinks he’s a “numbskull.”

Mr. Trump, at an event in the East Room to sign a bill blocking California from enforcing stricter rules on vehicle emissions, went off-topic to talk about Mr. Powell.

“We can’t get this guy to do it,” he said about lowering rates.

Mr. Powell’s term ends in May.

“The fake news is saying, ‘Oh, if you fired him it would be so bad.’ I don’t know why it would be so bad, but I’m not going to fire him,” the president said.

He talked about how his nickname for Mr. Powell is “Too Late.”

“Europe’s done 10 lowerings; we’ve done none,” Mr. Trump said. “Nobody understands it.”

He pointed out that dropping rates by 2 percentage points would save the U.S. $600 billion a year.

“We’re going to spend $600 billion a year, $600 billion because of one numbskull that sits here [and says,] ‘I don’t see enough reason to cut the rates now,’” he said, mocking Mr. Powell.

Mr. Trump has repeatedly called on Mr. Powell to lower the rates, but they have remained the same over what the Fed calls uncertainty about the economy.

Inflation rose at a cooler-than-expected rate in May, contradicting the concerns of some economists who predicted a bigger rise in prices due to Mr. Trump’s tariffs.

Consumer prices increased a lower-than-expected 2.4% in May versus a year ago, according to the Labor Department. The figure is up a tick from a 2.3% yearly increase in April.

Vice President J.D. Vance also criticized the Fed on Wednesday for not cutting interest rates.

“The president has been saying this for a while, but it’s even more clear: The refusal by the Fed to cut rates is monetary malpractice,” he posted on X.

• Mallory Wilson can be reached at mwilson@washingtontimes.com.