Trump shares handwritten note to Powell: ‘You have cost the USA A Fortune’
President Trump on Monday shared a handwritten note to Federal Reserve Chair Jerome Powell urging him to lower interest rates, his latest attempt to push the central bank to do so.
Trump posted on Truth Social complaining that Powell and the rest of the Federal Reserve board of governors "should be ashamed of themselves" for declining to lower interest rates.
"They have one of the easiest, yet most prestigious, jobs in America, and they have FAILED — And continue to do so," Trump wrote.
Attached to the post was an image of interest rates set by other central banks around the country, which Trump had written on in Sharpie to deliver a message to 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.
“Hundreds of billions of dollars being lost! No inflation,” he added, along with his signature.
Trump also added a handwritten annotation to argue the United States should be among the countries with the lowest interest rates, at 1.75 percent or less.
Fed officials kicked off the year expecting to continue cutting interest rates as inflation drifted back toward its ideal annual level of 2 percent. But the bank has held off through the first half of 2025 amid the uncertainty driven by Trump’s tariff plans.
Powell reiterated his call for patience Wednesday, after the Fed kept rates steady once again.
Trump has for months railed against Powell, nicknaming him "Too Late," and bemoaned the Fed's decision to keep interest rates steady. Trump has mused about firing Powell, who he appointed to the job in 2017. Powell's term ends in 2026.