Trump renews criticism of Fed chair Jerome Powell over high interest rates

President Donald Trump accused Powell of hurting the housing sector and called for a sharp cut in U.S. interest rates.

President Donald Trump renewed his criticism of Federal Reserve Chair Jerome Powell on August nineteenth, asserting that Powell’s high interest rates are “hurting the housing industry very badly.” Trump argued that with inflation under control, the Federal Reserve should enact a substantial cut to borrowing costs to ease access to mortgages.

His remarks came ahead of Powell’s scheduled speech at the Jackson Hole symposium and a Federal Reserve policy meeting in mid-September.

Trump’s demand contrasts with market expectations of modest rate reductions—around one-quarter percentage point later in the year—while he and his Treasury Secretary, Scott Bessent, publicly advocate for larger cuts.