"Fed has been totally asleep at the wheel. As President Trump says, they're TOO LATE, both in fighting inflation during Biden and in lowering rates now."

The claim consists of two main components: first, that the Federal Reserve was 'too late' in fighting inflation during the Biden administration, and second, that it is now 'too late' in lowering interest rates. President Trump has indeed repeatedly criticized Fed Chair Jerome Powell for not cutting interest rates sooner and for the Fed's handling of inflation, calling Powell 'too late' and demanding his resignation.cnbc.comcnbc.comTrump rips into 'too late' Jerome Powell after Fed holds rates steady

However, these criticisms reflect Trump's political stance rather than a consensus among economists or Fed officials. The Federal Reserve operates independently and bases its decisions on economic data and forecasts. Powell and other Fed officials have defended their timing, noting that trade policy uncertainty and other factors complicated monetary policy decisions.

Moreover, the Fed's primary mandate includes controlling inflation while supporting maximum employment, which requires balancing rate changes carefully to avoid economic disruption. The claim that the Fed was 'totally asleep at the wheel' oversimplifies these complex dynamics. While some analysts argue the Fed was slower than ideal in raising rates to combat inflation, others highlight that rapid or premature rate hikes could have triggered recession risks.

Similarly, calls for immediate rate cuts now ignore ongoing inflation concerns and economic indicators that guide Fed policy. Trump's statements are politically charged critiques rather than objective assessments of monetary policy timing.

Therefore, the claim is misleading because it presents a partisan opinion as an unequivocal fact without acknowledging the complexity of Federal Reserve decision-making or the broader economic context.