Washington: US President Donald Trump on Wednesday labeled Fed Chair Jerome Powell "stupid," expressing skepticism that Powell would reduce interest rates as the Federal Reserve prepared to announce its rate decision later in the day. Trump argued that the Fed's key benchmark rate should be at least 2 percentage points lower, continuing his criticism of Powell.

According to Anadolu Agency, Trump told reporters at the White House, "So we have a stupid person. Frankly, he probably won't cut today." He criticized Powell further, stating, "Europe had 10 cuts, and we had none. And I guess he's a political guy. He's a political guy who's not a smart person, but he's costing the country a fortune."

These comments came just hours before the Federal Open Market Committee (FOMC) meeting, which was expected to make an interest rate statement and update its policy outlook along with key economic indicators for the coming years. Market expectations indicated that the benchmark policy rate would likely remain unchanged within the range of 4.25%-4.50%.

Trump has consistently urged the Fed to lower interest rates, referencing actions by European central banks and warning that delays could hinder the US economy. Recently, he reiterated on social media that he would not dismiss Federal Reserve Chairman Jerome Powell, despite his ongoing criticism for Powell's reluctance to lower rates.

At the White House, Trump stated, "I would like this guy to lower interest rates. If he doesn't, then we have to pay. We have a lot of short-term debt." Additionally, Trump used terms such as "Too Late," "a fool," "a major loser," and a "numbskull" to describe Powell, further underscoring his dissatisfaction with the Fed chair's approach.