President Donald Trump on Thursday excoriated Federal Reserve Chairman Jerome Powell for keeping interest rates steady, despite falling inflation.

The Fed opted to keep interest rates steady this week.

"'Too Late' Jerome Powell is costing our Country Hundreds of Billions of Dollars. He is truly one of the dumbest, and most destructive, people in Government, and the Fed Board is complicit," he posted on Truth Social. "Europe has had 10 cuts, we have had none. We should be 2.5 Points lower, and save $BILLIONS on all of Biden’s Short Term Debt. We have LOW inflation! TOO LATE’s an American Disgrace!"

Inflation has inched lower since January – from 3 to 2.4% in May, but it increased 0.01% from April to May and has not decreased to what most economists consider the ideal rate of 2%.

Trump has repeatedly expressed frustration with Powell's hesitance to lower interest rates and even suggested he could fire him at some point, though his authority to do so remains unclear.