Interest rates not falling ignite "old grudges", Trump blasts Powell again: renovating corruption, dragging down the country.

Following the Federal Reserve's decision not to cut interest rates, President Donald Trump has resumed criticizing Federal Reserve Chairman Jerome Powell, ending their brief "truce." Trump tweeted on Thursday on social media platform, saying, "Here we go again, Jerome Powell! He's not only slow, he's also not fit to be the Chairman of the Federal Reserve Board due to anger, stupidity, and excessive politicization." This criticism directly targets the Federal Reserve's decision on Wednesday to maintain interest rates, with Trump also criticizing the Federal Reserve building renovation project a project that has caused dissatisfaction within the President's camp due to cost overruns. Just a week ago, Powell had visited the construction site in an attempt to downplay external criticisms, but this move evidently failed to quell the controversy. Trump further accused Powell, saying, "He has cost the country trillions of dollars, and led one of the most incompetent and corrupt renovation projects in the history of construction! In short, 'too little, too late' is a complete failure, and we are all paying the price for it!" It is worth noting that although Federal Reserve officials kept interest rates unchanged after the policy meeting on Wednesday, they lowered their growth expectations for the U.S. economy, which the market interpreted as a signal that policy makers may be close to shifting towards cutting rates. In response, Treasury Secretary Scott Bennett revealed on Thursday that the Trump administration expects to announce Powell's successor by the end of the year. He said, "We're compiling a list of very capable candidates and are confident in completing the appointment by the end of the year." Bennett specifically mentioned that while Powell's term as a board member may continue for two years after his chairmanship ends, "re-election as Chairman is extremely rare." Bennett also noted internal dissent within the Federal Reserve: there was a rare dissenting vote in the decision on Wednesday, and the Board of Governors will add two more meetings early next year. "For the first time in decades, we faced dissent in the initial two votes, showing cracks within the Board. "He suggested that the camp advocating for rate cuts may gain majority support, "We will take control of the Board." Although Trump has been fiercely criticizing Federal Reserve Chairman Powell for not wanting to cut rates significantly, after a rare visit to the Federal Reserve headquarters and the renovation project, Trump seemed to temporarily ease his attacks on Powell. This visit was unprecedented, as U.S. presidents rarely visit the Federal Reserve headquarters in person. While they stood shoulder to shoulder, seemingly appearing to have eased tensions, Trump actually did not give up pressure on the Federal Reserve, instead opting for a "new weapon" using the issue of budget overruns in the renovation project as a new means of pressuring Powell. Just weeks before the visit, Trump had consulted with lawmakers about the possibility of firing Powell, but later told the media that he had no intention of doing so and indicated that he would wait until Powell's term ends in May to make a decision. In the face of ongoing controversy, Powell emphasized at the press conference on Wednesday that given the uncertainty of the impact of the Trump administration's tariff policy on the economy, it is crucial for the Federal Reserve to maintain policy flexibility. His statement did not completely rule out the possibility of a rate cut in September, nor did it provide a clear timeline, demonstrating a cautious and balanced stance.