President Donald Trump intensified his criticism of Federal Reserve Chair Jerome Powell just hours before the central bank was set to announce its latest interest rate decision, describing him as a “stupid person” and accusing him of costing the U.S. economy dearly by refusing to lower rates.

Speaking during a press event on Wednesday, the president did not hold back, stating, “We have a stupid person, frankly, at the Fed. He probably won’t cut today. Europe had 10 cuts and we had none. I guess he’s a political guy, I don’t know. He’s a political guy who’s not a smart person. But he’s costing the country a fortune.”

Trump’s comments come amid growing frustration from his administration regarding the Federal Reserve’s reluctance to reduce interest rates. The central bank has kept its benchmark federal funds rate unchanged at a target range of 4.25% to 4.5% for four consecutive meetings, despite calls from the president and his allies to cut aggressively to support economic growth.

The president argued that inflation remains under control, claiming, “If he’s worried about inflation, that’s OK, I understand that. I don’t think there’s going to be any, so far there hasn’t.” He went further, suggesting Powell’s resistance stems from personal bias: “We have a man who just refuses to lower the Fed rate. Just refuses to do it. And he’s not a smart person. I don’t even think he’s that political. I think he hates me, but that’s OK.”

Vice President JD Vance echoed the president’s sentiment in a social media post, calling the Fed’s inaction “monetary malpractice” and asserting that it was now “even more clear” that rate cuts are needed.

This is not the first time Trump has publicly lashed out at Powell. Earlier this month, following a robust May jobs report, the president posted online, “‘Too Late’ at the Fed is a disaster! Europe has had 10 rate cuts, we have had none. Despite him, our Country is doing great. Go for a full point, Rocket Fuel!”