On Monday, President Donald Trump escalated his attacks on Federal Reserve Chair Jerome Powell, demanding deep interest rate cuts and accusing the Fed’s board of harming the U.S. economy.

Trump posted a chart showing U.S. rates among the world’s highest and claimed Powell has “cost the USA a fortune.”

Despite Trump’s months-long pressure, the Fed has kept rates steady, focusing on controlling inflation.

Powell has refused to respond directly to Trump’s insults, emphasizing the Fed’s independence and data-driven policy, CNN has reported.

ECB President Christine Lagarde praised Powell for his principled stance at a conference in Portugal.

Written by B.C. Begley