Trump blames Jerome 'too late' Powell for hurting housing market, demands major rate cut

US President Trump blames Jerome Powell for high mortgage rates

US President Donald Trump once again criticized Federal Reserve Chair Jerome Powell, blaming him for negatively impacting the housing market.

In a Truth Social post, Trump referred to Powell as “Jerome ‘Too Late’ Powell" and accused him of not acting promptly to reduce interest rates. He also stated that Powell is "hurting" the housing industry "very badly" and reiterated his call for a cut in key interest rates.

Trump wrote in his TruthSocial post, "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. “Too Late” is a disaster!"

This is not the first time Trump has targeted Powell; he has frequently criticised the Fed Chair over monetary policy decisions, especially concerning interest rates.

While Powell has resisted recent demands for rate cuts, pointing to ongoing inflation and economic uncertainty, Trump continues to argue that inflation is not an issue.

Trump’s latest criticism comes just ahead of Powell’s scheduled speech at the Jackson Hole central banking symposium on Friday. Investors are expected to monitor his address for insights into the economic outlook and any indications of a potential cut in short-term interest rates.

Although inflation remains below the peaks seen during the pandemic, recent data has been mixed, and the rate still exceeds the Fed’s 2% target.

The Federal Reserve's next policy meeting is scheduled for September 16–17. Ahead of this, Trump’s Treasury Secretary, Scott Bessent, has proposed a half-point rate cut in September.

Adding further strain, News Break reported that Trump is contemplating legal action against Powell for the management of Federal Reserve construction projects. “I am, though, considering allowing a major lawsuit against Powell to proceed because of the horrible, and grossly incompetent, job he has done in managing the construction of the Fed Buildings," Trump stated.