Trump pens sharp critique of Fed Chair Powell over delayed rate cuts

President Donald Trump has unleashed a handwritten broadside against Federal Reserve Chair Jerome Powell, accusing him of dragging his feet on interest rate cuts and costing the nation dearly, as the Daily Mail reports.

Trump’s latest salvo, which includes a pointed note and public criticism, ramps up the pressure on Powell to align U.S. monetary policy with lower global rates, while the White House underscores the burden of high borrowing costs on everyday Americans.

Things kicked off when Trump took to social media with a chart titled “World Central Bank Rates,” showcasing how the U.S. lags behind nations like Botswana and Bulgaria with cheaper borrowing costs. He didn’t stop there, scribbling a note in all-caps Sharpie that blasted Powell for being “too late” on rate reductions. Well, timing is everything, and Trump seems to think Powell missed the memo.

Trump’s handwritten note packs punch

In his note, Trump didn’t mince words, claiming Powell has “cost the USA a fortune” with hundreds of billions lost and no inflation to justify the delay. It’s a bold accusation, especially when the Fed’s own stance is to balance economic growth with price stability. One has to wonder if Powell’s inbox is feeling the heat yet.

Trump even pointed to specific countries on his chart, insisting U.S. rates “should be here” alongside six nations enjoying lower costs. It’s a not-so-subtle nudge that America’s economic policy should outpace smaller players on the global stage. If only economic recovery were as easy as circling a number on a graph.

Last week, Trump’s frustration boiled over as he called Powell “stupid” and hinted at scouting replacements for the Fed chair. It’s clear the president isn’t just playing armchair economist — he’s ready to shake up the boardroom. But can you really swap out the head of an independent body like the Fed on a whim?

White House briefing amplifies critique

Shortly after Trump’s online post, White House press secretary Karoline Leavitt stepped to the podium, reading what she termed “original correspondence” from the president. She echoed Trump’s concerns, noting that countries like Switzerland and Japan boast rates a quarter lower than America’s. It’s a comparison meant to sting, and it just might.

Leavitt didn’t shy away from the broader narrative, alleging a “politicization of the Fed” under previous leadership. She argued Powell slashed rates repeatedly before but now balks despite a stronger economy, saying, “Jerome Powell cut rates numerous times ahead of the election when Joe Biden was in his Oval Office, but now he refuses to.” Sounds like a convenient memory, but numbers don’t lie — do they?

She also pressed the point that Americans deserve affordable loans, lamenting, “The American people want to borrow money cheaply, and they should be able to do that.” High rates, she implied, are a roadblock to the prosperity Trump’s policies have fostered. Perhaps it’s time for the Fed to catch up with the people’s needs, not just the spreadsheets.

Powell pushes back

On the other side, Powell has stood firm, testifying before the Senate Finance Committee last week that Fed decisions won’t bend to political winds. He cited uncertainties like Trump’s tariffs as a factor in holding rates steady, warning, “We do expect to show up tariff inflation to show up more.” It’s a cautious stance, but not exactly a crowd-pleaser.

Powell added a dose of realism, admitting, “But I want to be honest, we really don’t know how much of that’s going to be passed through to the consumers.” He’s playing the wait-and-see game, which might be prudent but hardly wins applause from a president eager for action. Patience is a virtue, just not one Trump seems keen to embrace right now.

Meanwhile, Leavitt sidestepped questions on whether Trump might outright dismiss Powell, given the Fed’s independent status. It’s a tricky dance — criticize all you want, but firing the chair isn’t a simple executive order. Turns out, even presidential Sharpies can’t rewrite every rule.

Canadian reversal adds to Trump’s wins

In a related economic win, Trump last week halted trade talks with Canada over its digital services tax impacting U.S. tech firms, prompting a swift reversal from Prime Minister Mark Carney. Leavitt crowed that Canada “caved to the United States of America,” framing it as a triumph for American business. It’s a reminder that Trump’s hardball tactics can yield results, even if they ruffle feathers.

Back on the Fed front, the core issue remains: high interest rates can cool inflation but also stifle growth, while cuts often spur economic activity. Trump and his team argue the balance has tipped too far against the average American’s wallet. When borrowing costs pinch, dreams of homeownership or business expansion start looking like distant mirages.

Ultimately, Trump’s handwritten critique and public campaign signal a broader push against what he sees as outdated economic caution. Whether Powell budges or not, the president’s message is loud and clear: America shouldn’t be outpaced by smaller economies, and the Fed better get on board. After all, in Trump’s world, being “too late” isn’t just a delay — it’s a disservice.