In a Wednesday social media post published shortly after the release of May inflation data, Vance accused the Fed of bungling its job to balance price growth and unemployment through interest rates.
“The president has been saying this for a while, but it’s even more clear: the refusal by the Fed to cut rates is monetary malpractice,” Vance posted on X.
The May consumer price index report, released Wednesday by the Labor Department, showed prices rising 0.1 percent last month, slightly lower than Wall Street’s anticipated 0.2 percent increase. The annual inflation rate came in at 2.4 percent, in line with expectations and slightly above the Fed’s target of 2 percent.
Trump has insisted for months that the Fed should slash interest rates and add more fuel to the U.S. economy, with inflation down sharply from its peak during the Biden administration. The president argues the Fed should match rate cuts from other central banks, even though those countries have considerably weaker economies than the U.S. does.
“‘Too Late’ Powell must now LOWER THE RATE. He is unbelievable!!! Europe has lowered NINE TIMES!” Trump wrote in a post last week on Truth Social, following the release of unexpectedly bad private sector employment data.
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