U.S. President Donald Trump on Thursday ripped the Federal Reserve for its decision to lower a key interest rate by a quarter point, saying the money policymakers have “called it wrong from the beginning” as economic reports pointed to an economy slowing further.

The Federal Open Markets Committee lowered the federal funds rate – the rate at which banks borrow money – to the 1.5% to 1.75% range following a two-day meeting and signaled no further moves can be expected in the near term. The FOMC has one more meeting this year in December.

Trump had been pushing for a drastic cut that would take the interest rate to zero or into negative territory.

“The Fed has called it wrong from the beginning -- too fast, too slow. They even tightened in the beginning. Others are running circles around them and laughing all the way to the bank,” Trump tweeted.

He added: “We should have lower interest rates than Germany, Japan and all others. We are now, by far, the biggest and strongest country, but the Fed puts us at a competitive disadvantage.”

The FOMC was divided on whether to take any action, and Powell said in subsequent remarks it would take a sustained spike in inflation to convince the FOMC to raise rates.

Thursday’s Commerce Department reports made clear that isn’t something that will happen soon.

The personal-consumption expenditures price index, the Fed’s preferred gauge, fell 0.01% in September from a month earlier, its weakest reading since January. The index was up 1.33% from last September, well below the Fed’s target inflation rate of 2%.

Core prices, which exclude food and fuel, rose 0.05% to 1.67% for the year. Food prices were up 0.1% while energy prices fell 1.4%.

Consumer spending rose 0.2% to help lift the economy as manufacturing and business investment falter. Spending, however, is below last year’s levels.