Trump says Fed could have ‘at least doubled’ latest interest rate cut

President Donald Trump on Wednesday said the Federal Reserve‘s latest decision to cut benchmark interest rates by a quarter percentage point could have been “at least doubled.”

Trump, who has long urged the central bank to slash rates in order to spur further economic growth, called Fed Chair Jerome Powell “a stiff” who approved a “rather small” cut.

Trump, during a roundtable meeting with CEOs at the White House, also said he plans to interview former Fed Governor Kevin Warsh later Wednesday.

Warsh and National Economic Council Director Kevin Hassett are two of the top contenders to succeed Powell when his term ends in May.

“I’m looking for somebody that will be honest with interest rates,” Trump said, before adding, “Our rate should be much lower.”

Powell has been a major target of criticism from Trump, who believes the Fed has been too slow to lower rates during the first year of his second presidential term.

Trump also lamented what he described as the tendency to raise interest rates in the wake of strong economic results.

“We’re going to go back to the old days,” Trump said at the roundtable. “When we announced great results, it doesn’t mean we’re going to raise interest rates and try and kill it.”

The president’s comments came shortly after the Fed announced the 25-basis-point cut, its third of the year.

The decision was the middle-ground choice among a divided Fed: Two of the members preferred not to change rates, while Stephen Miran, a Trump administration economic official, favored a larger cut.

Powell, at a news conference later Wednesday, said the latest cut was a “close call” that gives the Fed room to “wait and see how the economy evolves.”

He also directly blamed Trump’s tariffs for the nation’s “somewhat elevated” inflation level.

“These readings are higher than earlier in the year, as inflation for goods has picked up, reflecting the effects of tariffs,” Powell said, citing the rise in two key inflation gauges.