Why aren’t the interest rates being lowered? The economy is booming, inflation has decreased, and we’re no longer in economic Armageddon territory. So, why is Jerome Powell keeping the economy hamstrung with the interest rates at the Federal Reserve? President Trump wants to know, and he sent a letter to that effect to Chairman Jerome Powell. It was brutal (via The Hill):
NEW STOCK MARKET RECORD HIGH! pic.twitter.com/eOTA6Jp5d0
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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 world, 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.
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JUST IN - Trump says the Federal Reserve "should be ashamed of themselves." pic.twitter.com/6iKlLH8msc
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It’s no secret that Trump is not a fan of Powell. If he could fire him, he would, but that position is an inordinately protected post in Washington. Trump is reportedly considering nominating a new Fed chairman early to undermine Powell (via WSJ)
President Trump’s exasperation over the Federal Reserve’s take-it-slow approach to cutting interest rates is prompting him to consider accelerating when he will announce his pick to succeed Chair Jerome Powell, whose term runs for another 11 months.
In recent weeks, the president has toyed with the idea of selecting and announcing Powell’s replacement by September or October, according to people familiar with the matter. One of these people said the president’s ire toward Powell could prompt an even-earlier announcement sometime this summer.
Trump is considering former Fed governor Kevin Warsh and National Economic Council director Kevin Hassett, according to people familiar with the matter. Treasury Secretary Scott Bessent is being pitched to Trump by allies of both men as a potential candidate, some of these people said. Other contenders include former World Bank President David Malpass and Fed governor Christopher Waller.