Summary
Reports on Trump’s Truth Social attack on Powell after the Fed held rates steady for the fifth consecutive meeting. Trump called Powell “TOO LATE, TOO ANGRY, TOO STUPID, & TOO POLITICAL.” Article provides rate hold context: Fed at 4.3%, tariff-driven CPI at 2.6% YoY, two governor dissents (Waller, Bowman) — first dual governor dissent in over 30 years.
Key Points
- Trump post: “Jerome ‘Too Late’ Powell has done it again!!! He is TOO LATE, and actually, TOO ANGRY, TOO STUPID, & TOO POLITICAL”
- Context: Fed held rates at 4.3% for fifth straight FOMC meeting.
- CPI June 2025: 2.6% YoY (up from 2.4% in May); core at 2.8%.
- Fed’s preferred gauge (PCE) reflecting early tariff impact.
- Two governors dissented for rate cut: Waller and Bowman — first dual governor dissent in 30+ years.
- One governor (Kugler) was absent.
- Powell: tariffs are pushing up prices but too early to tell if persistent. “That is a risk to be assessed and managed.”
Newsletter Angles
- The dual governor dissent is historically significant — it shows the pressure is having some effect inside the Fed, even if Powell holds firm.
- The gap between Trump’s demand and the Fed’s stated reason (tariff inflation) is the irony of the situation: Trump’s own policy is why the Fed won’t cut.
Entities Mentioned
- Jerome Powell — subject of the attack
- Donald Trump — attacker
- Kevin Warsh — implied by “what comes after Powell” framing
Concepts Mentioned
- Fed Independence — under attack
Notes
Times of India sourcing from AP. Short piece but captures the specific Trump quote and the dual governor dissent context. Good for the quotation.