Donald Trump has ramped up his criticism of Jerome Powell, labeling him a 'numbskull' for his handling of interest rates which he argues has made housing less affordable, especially for the young. Recent statistics show US home prices have surged to record levels after earlier declines. Trump's discontent follows Powell's oversight of a costly renovation project at the Federal Reserve, provoking calls for accountability. Despite Trump's past decision to appoint Powell, he expresses regret and suggests that the Federal Reserve Board shares the blame for rising housing costs as inflation levels increase.
Trump's criticism of Jerome Powell centers on accusations that Powell's actions have made housing unaffordable, particularly for young buyers, as house prices rise.
The Federal Reserve's current interest rates remain between 4.25% and 4.5%. Powell highlighted tariffs' potential impact on inflation as a key factor.
Trump characterized Powell as a 'numbskull' and regretted his appointment, attributing rising housing costs to Powell's failure to lower interest rates.
Recent consumer price index data indicated that US inflation climbed to 2.7% in June, influenced by tariffs on imported goods according to business leaders.
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