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US President Donald Trump on Wednesday labeled Fed Chair Jerome Powell "stupid," saying that he "probably won't cut" interest rates, as the Fed's rate decision would be announced later in the day.

Trump stressed that the Fed’s key benchmark rate should be at least 2 percentage points lower in his latest criticism of Powell.

“So we have a stupid person. Frankly, he probably won’t cut today,” Trump told reporters at the White House.

"Europe had 10 cuts, and we had none. And I guess he’s a political guy. He’s a political guy who’s not a smart person, but he’s costing the country a fortune," he noted.

The president made these remarks hours before the Federal Open Market Committee (FOMC) meeting, which is scheduled to make an interest rate statement and provide an update on its policy outlook and several key economic indicators for the coming years.

The markets expect the benchmark policy rate to be left unchanged at the range of 4.25%-4.50%.

Trump has repeatedly called on the Fed to cut interest rates, citing moves by European central banks and warning that delays could stall the US economy.

In the latest call, he wrote on social media that he would not fire Federal Reserve Chairman Jerome Powell, whom he has repeatedly criticized for not lowering interest rates.

"I would like this guy to lower interest rates. If he doesn't, then we have to pay. We have a lot of short-term debt," he said at the White House.

Trump also called the Fed chair "Too Late," "a fool," "a major loser," and a "numbskull."