President Donald Trump sent a sharply worded letter to Federal Reserve Chair Jerome Powell on Monday, urging the central bank to “lower the rate by a lot,” escalating public pressure on the Fed to slash interest rates. The message was also posted on Truth Social, alongside a chart comparing U.S. rates to those of foreign countries.
“You have cost the U.S.A. a fortune — and continue to do so,” Trump wrote. The letter accused Powell and the Fed Board of failing the American economy, calling Powell “Jerome ‘Too Late’ Powell.”
White House Press Secretary Karoline Leavitt confirmed the letter’s authenticity and said it reflects the administration’s concerns about borrowing costs and economic headwinds. The post follows reports that Trump is considering replacing Powell before his term ends, a move that would break precedent.
The Fed has resisted political pressure under both Trump and President Biden, citing inflation control as its priority. Powell has not commented on the letter.
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