In a post published on Truth Social on Monday, United States (US) President Donald Trump voiced his criticism over the Federal Reserve's (Fed) monetary policy and accused Fed Chairman Jerome Powell of lowering interest rates in late 2024 for political purposes.
"Preemptive cuts in interest rates are being called for by many. With energy costs way down, food prices (including Biden’s egg disaster!) substantially lower, and most other 'things' trending down, there is virtually no inflation," Trump said.
"With these costs trending so nicely downward, just what I predicted they would do, there can almost be no inflation, but there can be a slowing of the economy unless Mr. Too Late, a major loser, lowers interest rates, now. Europe has already 'lowered' seven times. Powell has always been 'too Late,' except when it came to the election period when he lowered in order to help Joe Biden, later Kamala, get elected," he added.
Market reaction
The US Dollar (USD) remains under persistent selling pressure on Monday. At the time of press, the USD Index was down 1.2% on the day at 98.20.
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