President Donald Trump is ramping up his campaign to pressure Federal Reserve Chairman Jerome Powell to lower interest rates, this time with a personal — and pointed — note. In a Monday post on Truth Social, Trump publicly shared what amounted to a handwritten rebuke directed at Powell and the Federal Reserve Board, blasting them for keeping rates unchanged despite what he described as a dramatically improved economic outlook.
“Jerome ‘Too Late’ Powell, and his entire Board, should be ashamed of themselves,” Trump wrote, accusing the central bank of costing the U.S. “trillions of dollars in interest cost.” He argued that with inflation under control, the Fed should have already slashed rates to at least 1%.
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
The Fed has kept interest rates at 4.25% to 4.5% since December 2024, citing concerns over inflation potentially reigniting—particularly from trade tensions and Trump’s proposed tariffs. However, inflation has cooled significantly from its post-pandemic peak under President Biden, making the Fed’s position harder to defend politically, especially as Trump seeks a second term.
During Monday’s White House briefing, Press Secretary Karoline Leavitt doubled down on the message, brandishing a chart sent by Trump to Powell. The chart listed dozens of countries—from Switzerland to Botswana—currently maintaining interest rates lower than those in the U.S., despite having weaker economic fundamentals.
“This is a chart of all the interest rates of many countries throughout the world,” Leavitt explained, citing nations including Japan, Denmark, and even Cuba with lower rates. “The U.S. has one of the strongest economies on the planet—so why are we paying more to borrow money than these countries?”
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
When asked why Trump didn’t simply fire Powell, Leavitt acknowledged it was “a good question” but pivoted to the broader issue of politicization at the Fed. She accused Powell of previously cutting rates under President Biden, but now resisting action despite stronger economic indicators.
“There really isn’t a good explanation for that,” she said. “And the president is rightfully calling attention to it.”
Trump’s public campaign against Powell has drawn mixed reactions in economic circles. Critics argue that pressure from the White House undermines the Fed’s independence, while supporters say the Fed’s inaction is hurting job growth and federal debt management at a critical time.
What remains unclear is whether Powell will respond. The Fed’s next meeting is in July, and despite the mounting political heat, Powell has so far given no indication of a policy shift. But with Trump now turning interest rates into a campaign rallying cry—and targeting the chairman directly—the pressure is unlikely to ease.
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Author: Mark Stevens
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