President Donald Trump renewed his criticism of Federal Reserve Chair Jerome Powell on Monday, slamming the central bank for refusing to cut interest rates despite falling inflation. Trump accused Powell and the entire Federal Reserve Board of costing the U.S. economy “trillions” in unnecessary interest costs.
Trump took to Truth Social, writing, “Jerome ‘Too Late’ Powell, and his entire Board, should be ashamed of themselves for allowing this to happen to the United States.” He continued, “They have one of the easiest, yet most prestigious, jobs in America, and they have FAILED — And continue to do so.”
The president emphasized that, under proper leadership, the U.S. should be paying around 1% or less in interest, comparing current U.S. rates to nations like Japan and Denmark, whose central bank rates are significantly lower at 0.5% and 1.75%, respectively. Trump displayed a letter addressed to Powell alongside a list of international interest rates, accusing Powell of continuing to damage the American economy through inaction.
“Jerome—you are as usual, ‘too late.’ You have cost the USA a fortune and continue to do so,” the letter reads. “You should lower the rate—by a lot! Hundreds of billions of dollars being lost. No inflation.”
White House Press Secretary Karoline Leavitt echoed Trump’s message at Monday’s press briefing, displaying a copy of the president’s remarks and emphasizing that despite prior warnings, inflation has eased even as tariffs remain in place. The administration maintains that cutting interest rates would strengthen economic growth and reduce the federal government’s interest burden.
Trump has long been critical of Powell’s cautious approach to interest rates, arguing that the Fed has been slow to act in times of financial need. With inflation slowing and market fears of tariff-induced price hikes proving unfounded, Trump’s call for aggressive rate cuts signals a renewed push for pro-growth monetary policy ahead of the 2026 elections.
