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18:10 GMT
WASHINGTON, Aug 1 (KUNA) -- Amid heated dispute over monetary policy, US President Donald J. Trump accused Chair of the Federal Reserve Jerome Power of being stubborn, urging the Fed Board to assume control and bring down the interest rate.
"Jerome 'Too Late' Powell, a stubborn MORON, must substantially lower interest rates, NOW," Trump wrote on his Truth Social platform on Friday.
"IF HE CONTINUES TO REFUSE, THE BOARD SHOULD ASSUME CONTROL, AND DO WHAT EVERYONE KNOWS HAS TO BE DONE!" Trump urged.
"Too Little, Too Late. Jerome 'Too Late' Powell is a disaster. DROP THE RATE! The good news is that Tariffs are bringing Billions of Dollars into the USA!
"STRONG DISSENTS ON FED BOARD. IT WILL ONLY GET STRONGER! TOO LATE!'," the president added.
The Fed kept short-term interest rates at a level of 4.25 percent to 4.5 percent on Wednesday, but the vote saw the first double dissent from Fed board officials in more than 30 years.
Nine members of the Federal Open Market Committee (FOMC) agreed to keep rates where they are.
But Fed Vice Chair of Supervision Michelle Bowman and Gov. Christopher Waller - who are both in the running for President Trump's nomination to replace Fed Chair Jerome Powell - voted to lower them, following an immense pressure campaign from the president.
It was the first time two members of the Fed board, which usually votes unanimously, dissented in more than 30 years.
All members of the Fed board are part of the FOMC, which also includes a rotation of regional reserve bank officials.
Powell downplayed the significance of the dissents during a Wednesday press conference, praising Bowman and Waller for laying out clear and logical cases for their decisions during the meeting. (end)
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