(Bloomberg) — Republican presidential candidate Donald Trump said the Federal Reserve’s decision to lower its benchmark interest rate by a half percentage point was a “political move” and that a smaller cut would have been preferable.

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“It really is a political move. Most people thought it was going to be half of that number, which probably would have been the right thing to do,” Trump said in an interview with Newsmax on Thursday. “So it’s a political move to try and keep somebody in office, but it’s not gonna work, because the inflation has been so bad.”

The former president appeared to then level criticism at Fed Chairman Jerome Powell, saying he “missed the inflation.”

“They missed it. They missed the number. They’re either too early or too late. Now they’re too early. Before they were too late. But inflation is already done,” Trump said.

The aggressive half-point cut was the first reduction by the Fed in more than four years, and came after holding rates at their highest level in two decades for more than a year.

Trump has repeatedly criticized the central bank and suggested presidents should have more of an influence over the Fed’s monetary policy, despite traditional efforts to insulate decisions from political considerations. He has also said he would not reappoint Powell as Fed chief.

His remarks came after President Joe Biden earlier Thursday said the rate cut was “an important signal” that inflation had eased.

“Lowering interest rates isn’t a declaration of victory,” Biden told the Economic Club of Washington, DC. “It’s a declaration of progress, to signal we’ve entered a new phase of our economy and our recovery.”

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