President Donald Trump has used various methods to try to convince Federal Reserve Chairman Jerome Powell to lower interest rates. He has attacked him on social media on numerous occasions. He has called him out during press conferences. He even summoned him to a one-on-one meeting in the Oval Office on May 29.
Now, he’s using an old-school tactic: a handwritten note.
During a White House press briefing Monday, Press Secretary Karoline Leavitt unveiled a large printout headlined “World Central Bank Rates,” with a list of the benchmark overnight lending rates of various countries. Emblazoned on the sheet in black marker was a note from Trump to Powell, printed in large block letters.
“Jerome – You are, as usual ‘too late,’” the note read. “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! No inflation.” It concluded with Trump’s distinctive angular signature.
The sheet also bracketed the rates of six countries — Switzerland, Cambodia, Japan, Denmark, Seychelles and Thailand — with the note “should be here,” indicating an interest rate range of 0.25% to 1.75%.
Some of the data appears to be outdated, however. For example, Switzerland was listed at 0.25% and it recently cut its rate to zero. The U.S. rate was cited as 4.5%, but the federal funds rate is currently set at a range of 4.25% to 4.5%.
Leavitt then rattled off a list of 34 countries that she claimed have lower interest rates than the U.S.
“I would remind the Fed chair, and I would remind the entire world, that this is a president who is a businessman first, and he knows what he is doing,” Leavitt told reporters. “He has a proven economic formula that worked in his first term as president, and it is working again.”
The White House press secretary then added: “The one problem that remains is high interest rates for the American people. The American people want to borrow money cheaply, and they should be able to do that. But unfortunately, we have interest rates that are still too high.”
Trump also posted an image of the handwritten note to his Truth Social account Monday. He added that “Jerome ‘Too Late’ Powell, and his entire Board, should be ashamed of themselves for allowing this to happen to the United States.”
The Federal Reserve has not publicly commented on the note sent to the Fed chair.
