President Donald Trump sharply criticized Federal Reserve Chair Jerome Powell after the Fed held interest rates steady. He called Powell “destructive” and “a real dummy," according to CNBC. Trump claimed Powell’s refusal to cut rates costs the U.

The Federal Reserve held interest rates steady Wednesday, according to CNBC. The central bank kept its target range at 4.25% to 4.5% as officials warned of slower growth and higher inflation. The Federal Reserve's “dot plot” still points to two rate cuts by the end 2025.

Christopher J. Waller, who was appointed by President Trump, said the central bank should not wait for the labor market to weaken.