Trump, in the first part of the series of tweets, said the economy is “very strong despite the horrendous lack of vision by Jay Powell and the Fed.”
Former Fed Chair Yellen says the president doesn't have the power to fire the current Fed Chair
Hopes for a deeper rate cut jumped Wednesday afternoon, with 62.8 percent of traders pricing in a 50 basis point cut.
The president also boasted on Twitter that the U.S. is beating China in their economic rivalry.
Interest rates are falling without an aggressive Fed.
"Our problem is a Federal Reserve that is too proud to admit their mistake of acting too fast and tightening too much," he said.
Paul Volcker, Alan Greenspan, Ben Bernanke and Janet Yellen co-authored the Wall Street Journal op-ed, published on Tuesday morning.
Economists polled by Refinitiv anticipate the U.S. economy to have added 164,000 jobs
Powell suggested policymakers could lower the benchmark federal funds rate again this year.
The Federal Open Market Committee voted, as expected, to ease interest rates by 25 basis points to a range between 2 percent and 2.25 percent.
The Federal Open Market Committee voted, as expected, to ease the benchmark federal funds rate by 25 basis points.
The decision, if it happens, will likely please President Trump, who has repeatedly called for Fed Chairman Jerome Powell to cut interest rates.
Economists anticipate the U.S. central bank to lower it by a modest 25 basis points.
His comments come at the start of the two-day Federal Open Market Committee meeting.
Trump's top economic adviser has a big ask for the Federal Reserve.
Boeing, Facebook and Tesla are among the firms poised to release financial results through June.
Powell, during a speech in Paris on Tuesday, paved the way for a rate cut in a few weeks.
The president frequently attacks the Fed, and its chairman Jerome Powell, for not keeping interest rates lower.
The report, prepared by the Federal Reserve Bank of St. Louis, was based on information collected through July 8.
Wall Street also noted the less-than-spectacular quarterly results of several major corporations.