Donald Trump released a handwritten message on Monday addressed to Federal Reserve Chairman Jerome Powell, calling on him to make significant interest rate cuts — a continuation of Trump’s criticism of the Fed’s current monetary policy.
Taking to Truth Social, Trump blasted Powell and the rest of the Federal Reserve’s leadership, writing, “They should be ashamed of themselves” for not bringing down interest rates.
“They have one of the easiest, yet most prestigious, jobs in America, and they have FAILED — And continue to do so,” Trump stated in his post.
Accompanying his remarks was a photo showing interest rates from central banks across various countries. Trump had marked up the image with a Sharpie, directing a pointed message at Powell.
“Jerome – You are, as usual, ‘too late.’ You have cost the USA A fortune – and continue to do so – you should lower the rate – by a lot!” Trump wrote.
He went on to add: “Hundreds of billions of dollars being lost! No inflation,” and concluded with his signature.
Trump also scrawled a note contending that the U.S. should be listed among nations with interest rates at or below 1.75 percent.
Earlier this year, Federal Reserve officials had signaled an expectation of rate cuts as inflation showed signs of aligning with their 2 percent annual target. However, the central bank has refrained from reducing rates during the first half of 2025, in part due to economic unpredictability stemming from Trump’s proposed tariffs.
On Wednesday, Powell once again emphasized a cautious approach, after the Fed opted to leave interest rates unchanged.
Trump has repeatedly targeted Powell in recent months, dubbing him “Too Late,” and lambasting the Fed’s reluctance to lower borrowing costs. Although Trump appointed Powell to the position back in 2017, he has publicly entertained the idea of removing him. Powell is currently set to remain in the role until 2026.
{Matzav.com}