US President Donald Trump said he thought Jerome Powell was “ready to do the right thing” just last week.
But on Thursday, the Fed held rates steady, and the crypto market wiped out $150 billion in value, triggering $700 million in bullish liquidations and an all-caps Trump meltdown.
“He is TOO LATE, and actually, TOO ANGRY, TOO STUPID, and TOO POLITICAL, to have the job of Fed chair,” Potus said in a Truth Social missive.
Bitcoin slid to $114,400, its lowest level in three weeks, while Ethereum fell 5% to the $3,600 mark
The Federal Reserve kept its benchmark rate at 4.25% to 4.5% for the fifth straight meeting, sticking to a wait-and-see approach as officials say they need more data before considering cuts.
Trump called Powell a “total loser” and claimed he was “costing our Country trillions of dollars,” adding that the Fed’s building renovation is “one of the most incompetent, or corrupt” in history.