U.S. President Donald Trump and Fed Chair Jerome Powell. Yonhap News Agency 

U.S. President Donald Trump on July 31 (local time) fiercely criticized Federal Reserve Chairman Jerome Powell, reacting to the central bank's decision the previous day to freeze interest rates against his wishes.

On his social media platform Truth Social, Trump wrote, "Jerome ‘Too Late’ Powell does it again," adding, "He’s too late to chair the Fed. And, in fact, he is dumb and a political hack."

He continued, "He’s not only one of the most incompetent or corrupt building remodels in construction history, but he’s costing our country trillions of dollars," and concluded, "In other words, Powell is a total failure and our country is paying the price."

This is not the first time President Trump, who has consistently called for interest rate cuts, has criticized Chairman Powell for sticking to interest rate freezes since taking office for his second term.

However, the criticism appears to have intensified following the Federal Open Market Committee (FOMC) meeting the previous day, where the Fed decided to keep its benchmark interest rate unchanged for the fifth consecutive time at 4.25-4.50%.

His reference to the renovation of the Fed headquarters in Washington D.C. is also interpreted in the same context.

To pressure Chairman Powell, President Trump made an unusual visit on July 24 to the site of the extensive renovation of the Fed's headquarters, which involves a massive budget.

Yonhap News Agency