President Donald Trump blasted Federal Reserve Chair Jerome Powell in a testy message Thursday morning after Powell refused to bow down to his repeated demands that he lower interest rates. “Jerome ‘Too Late’ Powell has done it again!

The Federal Reserve kept US interest rates on hold for the fifth meeting in a row yesterday, defying an aggressive campaign from President Donald Trump to slash borrowing costs. Fed chair Jay Powell said after the meeting that “it seems to me — and to almost the whole committee — that the economy is not performing as though restrictive policy is holding it back inappropriately”.

The Federal Reserve left its key interest rate unchanged at 4.25% to 4.5% and offered no clues on whether it will resume its rate cuts in September.