Trump blames AT&T for call glitches with faith leaders, signals switch to another carrier
U.S. President Donald Trump on Monday publicly criticized AT&T for technical issues that disrupted a national conference call with faith leaders, urgi...
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.
The U.S. economy faces a 40% risk of recession in the second half of 2025, JP Morgan analysts said on Wednesday, citing rising tariffs and stagflation concerns.
China has ramped up efforts to protect communities impacted by flood control measures, introducing stronger compensation policies and direct aid from the central government.
Severe rain in Venezuela has caused rivers to overflow and triggered landslides, sweeping away homes and collapsing a highway bridge, with five states affected and no casualties reported so far.
A malfunction in the radar transmission system at the Area Control Center in Milan suspended more than 300 flights at the weekend, across northwest Italy since Saturday evening according to Italy's air traffic controller Enav (National Agency for Flight Assistance).
Thousands of protesters rallied in Bangkok on Saturday, demanding Prime Minister Paetongtarn Shinawatra resign as political and economic tensions mount.
Factory activity across much of Asia weakened in June due to ongoing uncertainty over U.S. tariffs, though slight improvements in China, Japan, and South Korea offered cautious optimism ahead of key trade talks.
The International Monetary Fund (IMF) on Monday approved the disbursement of an additional $500 million to Ukraine, following the completion of its eighth review under the country’s $15.5 billion Extended Fund Facility.
U.S. President Donald Trump on Monday publicly criticized AT&T for technical issues that disrupted a national conference call with faith leaders, urging the company’s leadership to address the situation and suggesting his administration may turn to a different carrier in future communications.
France, Spain, Kenya, and several other nations announced on Monday a joint pledge to tax premium-class airline passengers and private jet users, in a move aimed at raising billions of dollars for climate action and sustainable development.
Special envoys from Pakistan, China and Russia held an informal meeting in the Qatari capital on Monday to discuss regional cooperation on Afghanistan, Pakistani envoy Mohammad Sadiq confirmed in a post on X.
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