Trump has argued that inflation is down before. While it's steadily ebbed in recent years, prices are still rising faster than the Fed would like.

U.S. President Donald Trump renewed his criticism on Thursday of Federal Reserve Chair Jerome Powell, calling him a "fool" and complaining that the Fed is refusing to lower interest rates.

The Federal Reserve has decided to keep interest rates steady as it assesses the impact of Donald Trump’s sweeping tariffs on inflation and the economy, despite the US President's repeated calls for a rate cut.