President Donald Trump tore into Federal Reserve Chairman Jerome Powell on Monday, accusing him and the Federal Reserve Board of costing the United States “hundreds of billions of dollars” by keeping interest rates too high.
“Jerome ‘Too Late’ Powell, and his entire Board, should be ashamed of themselves for allowing this to happen to the United States,” Trump wrote on Truth Social. “They have one of the easiest, yet most prestigious, jobs in America, and they have FAILED — And continue to do so.”
Trump claimed the U.S. should be paying “1% Interest, or better,” arguing that high rates are unnecessarily burdening the country with debt service costs.
Accompanying the post was a photo showing central bank interest rates from several major countries. The U.S. was listed with a 4.5% rate, while others, such as Japan and Switzerland, were significantly lower. Scrawled on the image in Trump’s handwriting was a note addressed 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 added, “No inflation — Donald J Trump.”
The Federal Reserve’s current target range for the federal funds rate is 4.25%–4.50%—a decline from the 5.25%–5.50% level seen in 2023. Markets and some Fed officials widely anticipate two rate cuts by year-end, likely starting in September, barring any unexpected upticks in inflation or labor market strength.
Trump, who nominated Powell to lead the Fed in 2017, has frequently criticized him over rate hikes. Now back in office, Trump could move to replace Powell before his term ends in 2026.