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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