White House press secretary Karoline Leavitt delivered a forceful message Monday, brandishing a handwritten note from President Donald Trump that targeted Federal Reserve Chair Jerome Powell over interest rate policy.
The press secretary’s appearance came as U.S. stock markets surged, with the Dow Jones Industrial Average briefly crossing the 44,000 mark for the first time since the week following Trump’s election victory in November.
Market optimism has been fueled by diminishing concerns about potential trade war consequences and lower-than-anticipated impacts on energy sector companies from ongoing Middle East tensions.
Leavitt argued that current economic conditions should warrant falling interest rates, but criticized Powell for maintaining what she characterized as excessive borrowing costs.
“Interest rates are still too high,” Leavitt declared, attributing the situation to Powell’s reluctance to implement rate cuts.
The press secretary displayed a chart comparing international interest rates, highlighting how other nations maintain significantly lower borrowing costs than the United States.
Switzerland topped the comparison chart, with Leavitt noting the country “is only paying a quarter for interest rates.”
She listed numerous countries enjoying lower rates than America, including Cambodia, Japan, Thailand, Botswana, Bulgaria, Cuba, Cabo Verde and Libya.
Leavitt emphasized this disparity despite the United States having “one of the hottest and strongest economies in the world.”
The centerpiece of Monday’s briefing was Trump’s handwritten message to Powell, which Leavitt read aloud to reporters.
“Jerome, you are as usual ‘too late.’ You have cost the U.S. a fortune and continue to do so. You should lower the rate by a lot. Hundreds of billions of dollars are being lost, and there is no inflation,” Trump wrote according to Leavitt’s reading.
Current inflation data supports the president’s assertion, with national inflation measuring just 2.35 percent in May, well below the historical average of 3.28 percent.
Trending Politics (TP) highlighted that recent unemployment figures have consistently exceeded economists’ projections, marking three consecutive months of better-than-expected jobs reports.
Business confidence, however, remains mixed despite improving economic indicators, with many companies expressing hesitation about future investments.
A U.S. Chamber of Commerce survey showed increased business confidence in the second quarter compared to the first quarter, though concerns persist about operational costs.
Survey respondents specifically cited rising expenses for raw materials and labor as primary obstacles to expansion plans, per TP.
Tom Sullivan, Senior Vice President of Small Business Policy at the U.S. Chamber of Commerce, characterized the current environment as challenging for entrepreneurs.
“Small businesses are cautiously navigating a complex economic landscape,” Sullivan stated, noting confidence in day-to-day operations while acknowledging uncertainty about long-term planning.
He pointed to lingering inflation worries and evolving trade policies as sources of economic uncertainty affecting business decision-making.
Despite these concerns, polling data indicates Americans maintain confidence in Trump’s economic leadership compared to alternatives.
Recent survey results revealed voters trust Trump and Republican leadership on inflation management by a 6-point margin and on overall economic stewardship by an 8-point margin.
This political support has emboldened Trump’s confrontational approach toward Powell and Federal Reserve policies.
The tension between the president and Fed chair gained additional context following a recent Supreme Court ruling that strengthened Powell’s position.
The Court’s decision last month affirmed that Federal Reserve chairs possess legal protection against presidential removal from office.
Politico reported that the majority opinion described the Federal Reserve as “a uniquely structured, quasi-private entity that follows in the distinct historical tradition of the First and Second Banks of the United States.”
This ruling potentially limits Trump’s direct influence over monetary policy decisions, despite his public criticism of current interest rate levels.
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Author: Jordyn M.
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