By Diyar Guldogan
WASHINGTON (AA) - The US Federal Reserve has done a "terrible" job on bank regulation, President Donald Trump said Wednesday.
"The Fed has done a terrible job on Bank Regulation. Treasury is going to lead the effort to cut unnecessary Regulation, and will unleash lending for all American people and businesses," Trump said on his Truth Social platform.
Trump also said the Fed and its chairman, Jerome Powell, "failed to stop the problem they created with Inflation."
"I will do it by unleashing American Energy production, slashing Regulation, rebalancing International Trade, and reigniting American Manufacturing, but I will do much more than stopping Inflation, I will make our Country financially, and otherwise, powerful again!" he added.
Earlier Wednesday, the Fed kept its benchmark policy rate at 4.25%-4.5%, as widely expected.
It said in a statement that recent indicators suggest that economic activity has continued to expand at a solid pace and the unemployment rate has stabilized at a low level.
But "inflation remains somewhat elevated," it said.
Speaking to reporters following the Fed’s decision, Powell said he has not talked with Trump.
"I’m not going to have any response or comment whatsoever on what the president said. It’s not appropriate for me to do so. The public should be confident that we will continue to do our work as we always have, focusing on using our tools to achieve our goals and really keeping our heads down and doing our work," he said.