Economic data out Wednesday showed trade turmoil wasn’t holding back the U.S. economy, but the Federal Reserve left rates unchanged, citing fear of inflation.

President Donald Trump slammed Federal Reserve Chairman Jerome Powell on Thursday morning for failing to heed calls to lower interest rates. Powell held short-term interest rates steady on Wednesday at 4.

Federal Reserve Chairman Jerome Powell has warned that tariffs are already driving up prices in a sharp rebuke to Donald Trump. The president insists that his policies have curbed inflation, and he has repeatedly urged the Fed Chair to lower interest rates.

The Commerce Department’s initial GDP estimate beat the 2.3 percent rate anticipated by most economists. “2Q GDP JUST OUT: 3%, WAY BETTER THAN EXPECTED!” Trump posted on his social network. The surge in overall growth is a win for an administration that has been battling widespread perceptions that Trump’s economic agenda is causing more harm than good.