Former President Criticizes Fed Chairman Ahead of Rate Decision

In the hours leading up to the Federal Reserve's announcement of its latest interest rate decision, the of the United States delivered an impromptu speech outside the White House, criticizing the Federal Reserve Chairman. The described the Chairman as "stupid" and questioned whether the central bank would lower interest rates. This is the latest in a series of attacks by the against the Chairman, who he believes has not done enough to support the economy.

The argued that the Federal Reserve's key borrowing rate should be reduced by at least two percentage points. He suggested that the Chairman is more interested in politics than in making sound economic decisions. The 's comments came just hours before the Federal Open Market Committee, which sets interest rates, was scheduled to release its rate statement and update its outlook for policy and key economic indicators over the next few years.

Market pricing indicated that the probability of a rate cut at this meeting was zero, with the next expected action in September. The Federal Reserve's current target range for the overnight lending rate is 4.25% to 4.50%. The Chairman and his colleagues have expressed caution about adjusting interest rates given the many unresolved issues in the economy.

The 's remarks highlight the ongoing debate surrounding monetary policy and its impact on the economy. The has long criticized the Federal Reserve's approach to interest rates, arguing that it has hindered economic growth. The 's comments also underscore the broader political and economic tensions surrounding monetary policy decisions.