‘No inflation!’: Donald Trump calls Jerome Powell a ‘total disaster’; pushes for urgent Fed rate cut

US President Donald Trump lashed out at the Federal Reserve on Wednesday after fresh data showed US producer prices unexpectedly fell in August, sharpening his demand for an immediate rate cut.In a post on his Truth Social, Trump posted “Just out: No Inflation!!! ‘Too Late’ must lower the RATE, BIG, right now. Powell is a total disaster, who doesn’t have a clue!!! President DJT”The remarks came hours after the Labor Department reported that the producer price index — which tracks wholesale inflation before it reaches consumers — slipped 0.1% in August, against forecasts for an increase. Compared with a year earlier, producer prices were up 2.6%.The decline in wholesale prices has fuelled expectations that the Fed could cut its benchmark interest rate next week for the first time this year. Economists are also watching Thursday’s consumer price index release, expected to show a 0.3% rise in August, up from 0.2% in July.Also Read : US inflation watch: Producer prices dip 0.1% in August; weaker-than-expected data hints at tariff impactTrump has repeatedly criticised Fed Chair Jerome Powell, accusing him of keeping borrowing costs too high. On Tuesday, the Labor Department revised down US job growth, reporting that employers had added 911,000 fewer jobs in the year through March than previously estimated.