U.S. President Donald Trump on Monday sharply criticised the Federal Reserve, claiming America should be paying ultra-low interest rates similar to Japan and Denmark.
“We should be paying 1% Interest, or better,” Trump wrote on Truth Social, sharing a chart of global rates with a mark indicating where he believes U.S. rates should be. He referred to Powell as “Jerome ‘Too Late’ Powell” and said the entire Federal Reserve Board “should be ashamed of themselves.”
According to Trump, the Fed’s current policy is costing the country “trillions of dollars in interest cost.”
“The Board just sits there and watches,” he added. “So they are equally to blame.”
The post comes as the Trump administration intensifies its pressure campaign on the Fed, arguing that rates remain too high despite subdued inflation and record-breaking markets.
Later in the day, White House Press Secretary Karoline Leavitt confirmed Trump had sent Powell a memo urging him to act.
At a briefing, Leavitt held up the note and read aloud. “Jerome, you are as usual too late. You have cost the U.S. a fortune and continue to do so. You should lower the rate by a lot. Hundreds of billions of dollars are being lost, and there is no inflation.”
She pointed to gains on Wall Street, saying the S&P 500 and Nasdaq had hit record highs thanks to Trump’s “economic boom.”
“President Trump is a businessman first. He knows how to grow this economy,” she said. “But the Fed needs to do its part. The American people want to borrow cheaply—and they should be able to.”
Trump has repeatedly criticised Powell since returning to The White House, often comparing U.S. rates unfavourably to those in Europe and Asia.
While the Fed has signalled caution on future cuts, Trump’s comments are expected to increase pressure ahead of upcoming policy decisions.
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The United Nations has said that at least 21 people have been executed in Iran and more than 4,000 arrested since the outbreak of war involving the United States and Israel on 28 February.
President Donald Trump discussed how to mitigate the impact of a possible months-long U.S. blockade of Iran's ports with oil companies, a White House official said on Wednesday, as the U.S. renewed its calls for other nations to help open the Strait of Hormuz.
An initial inquiry into last year’s mass shooting at Bondi Beach has called for a series of counter-terrorism reforms, alongside increased security at Jewish public events and further gun control measures.
Israel has intercepted aid ships for Gaza in international waters near Greece, flotilla organisers said on Thursday (30 April), decrying the move as an "escalation of Israel's impunity".
A Pentagon official provided the first official estimate of the cost of the U.S. war in Iran on Wednesday (29 April), telling lawmakers that $25 billion had so far been spent on the conflict, most of it on munitions. Earlier, Donald Trump said that the U.S. had "militarily defeated" Tehran.
Tensions between the United States and Iran remain high after a U.S. official said President Donald Trump was unhappy with a proposal from Tehran that does not deal with its nuclear programme. Washington is insisting that any talks must address Iran’s nuclear activities.
The decision by the United Arab Emirates to leave OPEC+ on 1 May has put renewed focus on one of the most influential groups in global energy - and how its decisions can shape oil prices worldwide.
Mexican special forces arrested Audias Flores, known as “El Jardinero”, a senior commander of the powerful Jalisco New Generation Cartel (CJNG), during an operation in the western state of Nayarit, Security Minister Omar García Harfuch said on Monday (27 April).
The United Arab Emirates has said it's quitting OPEC from 1 May, dealing a major blow to the oil producers’ group and its de facto leader, Saudi Arabia, amid disruption caused by the Iran war.
An initial inquiry into last year’s mass shooting at Bondi Beach has called for a series of counter-terrorism reforms, alongside increased security at Jewish public events and further gun control measures.
Britain's King Charles and Queen Camilla commemorated victims of the 11 September, 2001, an al Qaeda attack on New York City on Wednesday, laying a floral bouquet at the memorial where the World Trade Centre's twin towers once stood.
Two Jewish men have been stabbed in London in an incident that British police are treating as a terrorist attack.
Reversing a decade of restrictions, New South Wales has opened new areas for gas exploration in its remote west. The move reflects growing concern over future energy supply across Australia’s east coast.
Travel demand across China is expected to remain robust during the upcoming five-day Labour Day holiday starting 1 May.
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