Donald Trump has consistently pleaded with Jerome Powell to lower interest rates, which the Federal Reserve Chairman has steadfastly refused to do since the president took office. The Reserve Board announced earlier this month that it was once again keeping rates right where they’ve been since December ’24. They next meet in July.
Powell claims that the decision was made over concerns about possible inflation from Trump’s tariffs. The problem with his argument is that inflation has come way down from its Biden-era highs.
Trump has blasted the chairman in interviews, speeches and press briefings, but nothing seems to work. So why not try a handwritten note? That’s exactly what the president did Monday in a Truth Social post:
Donald J. Trump Truth Social 06.30.25 01:09 PM EST
Jerome “Too Late” Powell, and his entire Board, should be ashamed of themselves for allowing this to happen to the United States. They have one of the easiest, yet most prestigious, jobs in America, and they have FAILED — And… pic.twitter.com/hXKHbZ7R9l
— Commentary Donald J. Trump Posts From Truth Social (@TrumpDailyPosts) June 30, 2025
We should be paying a much lower rate, Trump argued, adding a chart showing interest rates around the world. You’re late to the party, the president charged:
Jerome “Too Late” Powell, and his entire Board, should be ashamed of themselves for allowing this to happen to the United States. They have one of the easiest, yet most prestigious, jobs in America, and they have FAILED — And continue to do so. If they were doing their job properly, our Country would be saving Trillions of Dollars in Interest Cost. The Board just sits there and watches, so they are equally to blame. We should be paying 1% Interest, or better!
Related: Fed Chair Ignores Trump’s Blistering Criticisms, Goes His Own Way on Interest Rates
Sen Bernie Moreno Exposes Fed Chair Jerome Powell As a Hypocrite: ‘Should Resign’
Conservative radio host Clay Travis had thoughts:
Trump is 100% correct on interest rates. Jerome Powell raised them far too slowly with Biden’s inflation disaster and now he’s lowering them far too late too. He’s been a disaster. pic.twitter.com/VPu4tsQ1vN
— Clay Travis (@ClayTravis) June 30, 2025
White House Press Secretary Karoline Leavitt addressed the issue at Monday’s briefing and questioned why the U.S. rate is higher than so many other nations:
Leavitt said Trump sent Powell a chart showing countries stretching from Japan to Botswana that have lower interest rates compared to the U.S., which was accompanied by Trump’s note telling Powell the U.S. is losing hundreds of billions of dollars due to its current target rate of 4.25% to 4.5%.
“This is a chart of all of the interest rates of many countries throughout the world,” Leavitt said while displaying a copy of the note Trump sent Powell Monday. “At the top is Switzerland. They’re only paying a quarter for interest rates. Cambodia, Japan, Denmark, Thailand, Botswana, Barbados, Taiwan, Bulgaria, Cuba, Sweden, Morocco, Cabo Verde, South Korea, Algeria, Canada, Albania, Libya, Malaysia, China, New Zealand, Trinidad and Tobago, Czechia, Bolivia, Australia, Costa Rica, the Bahamas, Kuwait, Papua New Guinea, Bosnia, United Kingdom and the UAE are all paying lower interest rates than the United States of America, which has one of the hottest and strongest economies in the world.”
A reporter asked her why the president didn’t just fire the chairman. She said that was a good question, but also noted the politicization of the Federal Reserve:
“It’s a good question and one you can ask the president because that’s a decision for him to make,” Leavitt responded. “But you’re right to point out the politicization of the Fed. And it’s very unfortunate for our country.”
“But Jerome Powell cut rates numerous times ahead of the election when Joe Biden was in this Oval Office,” she said. “But now he refuses to when the economy is in a much better place. So there really isn’t a good explanation for that. And the president is rightfully calling attention to it.”
The president has proven once again that he’s a master troll. The question still remains, however: will Powell listen?
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