“Inflation is stopped.”

Speech in Mount Pocono, Pennsylvania on the economy

The day after Trump declared inflation "stopped," the chairman of the Federal Reserve said the opposite. Announcing a rate cut on December 10, 2025, Jerome Powell stated that "inflation remains somewhat elevated", a direct, same-week contradiction from the official whose job is measuring it.

The data backed Powell, not Trump. The Consumer Price Index was up 3 percent for the 12 months ending September 2025 (the latest figures available because of the 43-day government shutdown) and core inflation was also up 3 percent. Prices rose 1.7 percent just between January and September 2025. Inflation that is "stopped" or "dead" would be zero.

FactCheck.org rated the claim false, noting Trump paired it with the equally false boast that he "inherited the worst inflation in the history of our country" when he actually inherited a 3 percent rate, far below the 1920 record of 23.7 percent.

"Conditions in the labor market appear to be gradually cooling and inflation remains somewhat elevated." — Jerome Powell, Federal Reserve Chair, announcing a rate cut, Dec. 10, 2025