Trump slams Fed and Powell, vows to 'unleash' lending
WASHINGTON
![Trump slams Fed and Powell, vows to unleash lending](http://image.hurimg.com/i/hurriyet/75/0x0/679b1d1df8292aff6a7914d5.jpg)
U.S. President Donald Trump has slammed the Federal Reserve and its chair Jerome Powell, accusing them of failing "to stop the problem they created with Inflation."
In a post to his Truth Social account, Trump said the Fed had done a "terrible job" on banking regulation, adding that the U.S. Treasury Department would lead a deregulatory push to "unleash lending" for U.S. consumers and businesses.
The Fed is in no "hurry" to adjust interest rates again, the central bank's chair Jerome Powell said on Jan. 29, after policymakers voted to pause rate cuts in the first decision since Trump's White House return.
The Fed's rate-setting committee voted unanimously to keep the bank's benchmark lending rate at between 4.25 percent and 4.50 percent.
"With our policy stance significantly less restrictive than it had been, and the economy remaining strong, we do not need to be in a hurry to adjust our policy stance," Powell told reporters after the decision.
The Fed's pause follows three consecutive rate reductions which together lowered its key rate by a full percentage point.
Asked about the likely impact of Trump's proposals, including tariffs, Powell said the Fed would have to "wait and see" how they affected the economy.
Powell also said he would not respond or comment on Trump's recent remarks that he would demand lower interest rates.
Speaking to reporters, Powell said "it's not appropriate for me to do so," adding that he has not had contact with Trump.