President Trump sharply criticized Federal Reserve Chair Jerome Powell during a December 10 White House roundtable with business leaders, calling Powell “a stiff” and arguing that the central bank’s latest quarter-point rate cut was far too small to meet the moment. The President said the Federal Reserve should have delivered “at least doubled” the reduction, underscoring his long-standing frustration with Powell’s cautious approach.

“You know, you fight that. It’s amazing, we fight that, and yet interest rates are going down, except with him not too much. He did, I would say, a rather small number that could have been doubled, at least doubled,” Trump remarked, drawing nods from several executives in attendance. The comments reflect the President’s view that the U.S. economy—growing at roughly 3 percent GDP with inflation close to the 2 percent target—can sustain a more aggressive easing path to spur investment and maintain momentum.

The Federal Reserve’s December decision marked the third consecutive rate cut this year, lowering the federal funds rate to a 3.50 to 3.75 percent range. While Fed officials defended the move as a balanced response to moderating labor data and still-elevated prices, Trump has repeatedly argued that the central bank remains too timid in the face of global competition and shifting economic pressures.

Tension between the President and the Federal Reserve is not new. During his first term, Trump frequently pressed Powell—whom he appointed—for swifter and more substantial cuts, arguing that cautious monetary policy hindered growth and weakened America’s position relative to other major economies with lower borrowing costs.

At the roundtable, Trump’s message was clear: with strong output, cooling inflation, and a competitive global environment, the United States should not be held back by what he sees as overly conservative central bank leadership. For the President, the quarter-point move simply does not go far enough.

Whether the Federal Reserve adjusts course in the coming months remains to be seen, but Trump’s remarks once again highlight the sharp contrast between the administration’s growth-focused agenda and the Fed’s methodical, risk-averse policy stance.