U.S. President Donald Trump on Wednesday knocked Federal Reserve Chair Jerome Powell for what he expected would be a decision not to lower interest rates and said the man he put in the role during his last term had done a poor job.

Trump called his appointee for Fed chair a "stupid person" Wednesday over the central bank's refusal to bend to his rate demands.

The Fed also forecasted two quarter-point interest-rate cuts over the remainder of 2025, carrying over a prediction issued in March. Two additional quarter-point cuts will be made in 2026, as well as one quarter-point cut in 2027, the central bank said.