“Jerome ‘Too Late’ Powell again refused to cut interest rates, even though he has absolutely no reason to keep them so high,” Trump began. The MAGA leader has repeatedly lambasted Powell, who he appointed as chairman of the Federal Reserve in 2018, for refusing to follow White House instructions on interest rates. “We should have a substantially lower rate now that even this moron admits inflation is no longer a problem or threat. Donald Trump attacked Jerome Powell as “stupid,” a “dummy,” and a “knucklehead” for refusing to slash interest rates last year. “Most of these countries are low interest rate paying cash machines, thought of as elegant, solid, and prime, only because the U.S.A. allows them to be,” Trump went on.