The Fed voted 10-2 on Wednesday to keep the benchmark lending rate unchanged, prompting the US leader to renew his criticism of chairman Powell.

“Jerome ‘Too Late’ Powell again refused to cut interest rates, even though he has absolutely no reason to keep them so high,” Trump wrote on his Truth Social platform.

He called Powell a “moron”, adding: “The Fed should substantially lower interest rates, NOW!”

While Trump said that Powell “admits inflation is no longer a problem or threat,” the central bank in a statement Wednesday noted that “inflation remains somewhat elevated.”

Trump’s lengthy social media post also comes as his administration has escalated attacks on the central bank.

The president has been seeking to oust Fed governor Lisa Cook over allegations of mortgage fraud, while the department of justice has launched a probe into Powell over renovations at the bank’s headquarters – prompting a rare rebuke from the Fed chief.