President Donald Trump escalated his pressure campaign on the Federal Reserve, calling for an extraordinary 2.5 percentage point cut to the nation’s benchmark interest rate. The demand represents one of the sharpest criticisms yet leveled against Fed Chair Jerome Powell, whom Trump originally appointed in 2017.

Posting on his social media platform, Trump denounced Powell as “one of the dumbest, and most destructive, people in Government,” claiming the central bank’s current policy is costing the U.S. “hundreds of billions of dollars.” The former president dubbed Powell “Too Late Jerome,” and labeled the Fed’s leadership as “complicit” in what he described as damaging monetary decisions.

The Federal Reserve announced Wednesday that it would hold interest rates steady in the 4.25% to 4.5% range, citing strong economic performance and uncertainties surrounding inflation. Fed officials noted the unpredictable impact of recently imposed tariffs and ongoing global conflicts as key reasons for their cautious stance.

Powell, for his part, remained focused on the Fed’s dual mandate: maintaining price stability and maximizing employment. “What everyone on the Federal Open Market Committee wants is a good, solid American economy with strong labor market and price stability,” Powell stated. “Our policy is well positioned right now to deliver that.”

The call for a 2.5-point cut is highly unusual in the context of typical Fed policy moves, which generally adjust interest rates by 0.25 percentage points at a time. Historically, the Fed has only made larger adjustments in times of extreme economic distress—such as during the 2008 financial crisis or the onset of the pandemic.