Trump again attacks Fed chair, says Powell 'hurting' the housing industry

President Donald J. Trump said on Tuesday that US Federal Reserve Chair Jerome Powell is “hurting” the housing industry “very badly” and repeated his call for abig cut to US interest rates.

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“Could somebody please inform Jerome “Too Late” Powell that he is hurting the Housing Industry, very badly? People can’t get a Mortgage because of him. There is no Inflation, and every sign is pointing to a major Rate Cut,” Mr. Trump wrote on Truth Social.

Inflation is well off the highs seen during the pandemic, but some recent data has given a mixed picture and inflation continues to track above the Fed’s 2% target range.

Mr. Trump’s latest salvo against Mr. Powell comes ahead of the Fed chair’s Friday speech at the annual Jackson Hole central banking symposium, where investors will cleave to his every word for hints on his economic outlook and the likelihood of a coming reduction to short-term borrowing costs.

The Fed’s next policy meeting will be held on Sept. 16-17.

Investors and economists are betting the Fed will cut rates by a quarter of a percentage point next month with perhaps another reduction of similar size to come later in the year, far less than the several percentage points that Mr. Trump has called for.