Trump insults Powell as GOP donor warns tariffs will hurt middle class

President Trump lashed out at Federal Reserve Chairman Jerome Powell on Thursday morning

one day after the Fed refused to lower interest rates, as the president has repeatedly urged

Powell to do. The president posted insults about Powell on his Truth Social forum

He wrote, Too late Jerome Powell is a fool who doesn't have a clue. Other than that, I like him very much

Oil and energy way down. Almost all costs, groceries and eggs down

Virtually no inflation. Tariff money pouring into the U.S. The exact opposite of too late and joy

The too late nickname appears to be a reference to the president's contention

that Powell and the Fed have been too slow and too hesitant to cut interest rates

On Wednesday, the Fed held the interest rate steady at between 4.25 percent and 4.5 percent

In announcing the rate decision, Powell warned about the implications that Trump tariffs might have on the economy

Quote, if the large increases in tariffs that have been announced are sustained

they're likely to generate a rise in inflation, a slowdown in economic growth, and an increase in unemployment

End quote. Higher inflation occurring at the same time as high unemployment is referred to as stagflation

and last happened in the U.S. in the 1970s during the Carter administration

The March inflation rate, or consumer price index, according to the Bureau of Labor Statistics

was 2.4%, while the unemployment rate for April was 4.2%. Powell added

There's just so much that we don't know. I think and we in a good position to wait and see is the thing We don have to be in a hurry The economy has been resilient and is doing fairly well Our policy is well positioned The costs of waiting to see further are fairly low we think

President Trump had recently toned down his calls for Powell to step down. Meanwhile

fellow Republican Ken Griffin, the founder and CEO of the Citadel Hedge Fund, warned that the

middle class will bear the brunt of the Trump tariffs on incoming foreign goods. The billionaire

Griffin told CNBC, quote, tariffs hit the pocketbook of hardworking Americans the hardest

It's like a sales tax for the American people. It's going to hit those who are working the

hardest to make ends meet. That's my big issue with tariffs. It's such a painfully regressive

tax, end quote. The president levied the tariffs back in April at various levels for dozens of

countries, then later announced a 90-day pause except for trade rival China. Its products are

now subject to a 145 percent levy, while China has responded with a 125 percent tariff on American

goods. Griffin voted for Donald Trump and has donated big money to Republican candidates

But Griffin said the Trump trade policy is spoiling the brand of the United States that

voters elected Trump to deal with, such as inflation and what he believes are the failed

economic policies of the Biden administration. He said, quote, the president really does have

to focus on managing inflation because I think it's front and center, the primary scorecard that

American voters are going to think about when it comes to this midterm election, end quote

He then suggested the three big issues of trade, tax cuts, and deregulation will dictate whether

there will be economic growth over the next two years. For more unbiased updates, download the

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