WASHINGTON (Reuters) -U.S. President Donald Trump said on Friday the Federal Reserve board should assume control if Fed Chair Jerome Powell continues to refuse to lower interest rates.

"Jerome 'Too Late' Powell, a stubborn MORON, must substantially lower interest rates, now. if he continues to refuse, the board should assume control, and do what everyone knows has to be done!" Trump said in a post on Truth Social.

The U.S. central bank held interest rates steady on Wednesday and Federal Reserve Chair Jerome Powell's comments after the decision undercut confidence that borrowing costs would begin to fall in September, stoking the ire of Trump, who has demanded immediate and steep rate relief.

The latest policy decision was made by a 9-2 vote, which passes for a split outcome at the consensus-driven central bank, with two Fed governors dissenting for the first time in more than 30 years.

The seven members of the Fed Board of Governors are nominated by the president and confirmed by the U.S. Senate.

(Reporting by Doina Chiacu; Editing by Sharon Singleton and Ros Russell)