'You've cost America a fortune': Trump takes direct aim at Fed chairman
The president also wrote "should be here" next to the column ranking interest rates from lowest to highest by nation, and scribbled a line between Japan's 0.5% and Denmark's 1.75%.
U.S. Federal Reserve Chairman Jerome Powell.
President Donald Trump on Monday launched another wave of criticism against Federal Reserve Chairman Jerome Powell in a handwritten note on a list of interest rates from central banks around the world. The president accused him of costing the United States "a fortune."
"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! Hundreds of billions of dollars being lost!" Trump wrote, next to the list that included his signature.
The president also noted in his capitalized handwriting, "should be here," next to the column that ranked interest rates from lowest to highest by nation, and drew a line between Japan's 0.5% and Denmark's 1.75%, referring to the U.S.
Trump himself posted the image of the list on Truth Social, with additional comments saying that being a banker in the country was "one of the easiest, yet most prestigious, jobs in America, and they have FAILED. ... We should be paying 1% interest, or better!"
The Republican added that Powell and the rest of the Fed's Board of Governors should be "ashamed of themselves."
Fed rate fluctuates between 4.25% and 4.5% since December
U.S. monetary policymakers have kept the Fed rate between 4.25% and 4.5% since December, while inflation remains above its 2% target.
This position has irked Trump, who withdrew his threats to fire Powell before his term expires in 2026, but last week urged him to resign.
Meanwhile, Treasury Secretary Scott Bessent, who has been named as Powell's possible successor, began laying out a plan for naming the next Fed chairman. On Monday, the administration official pointed to a more conventional transfer of power at the Fed.
Powell's term
While Powell is not required to leave the Federal Reserve Board at the expiration of his term as chairman, this has been customary. His and Fed Governor Adriana Kugler's positions are the only ones that will expire during Trump's term.
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Immediate cuts
Trump said last Friday that he would not appoint anyone to head the central bank who does not support immediate interest rate cuts.
July 9 is also a priority for the Fed: that's the day the current suspension of some of the president's tariffs expires, and it's not yet clear whether import taxes will be triggered or whether Trump's program will be delayed again pending negotiations.
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