On June 30, 2025, President Donald Trump sent a handwritten note to Federal Reserve Chair Jerome Powell, urging him to lower interest rates significantly, accusing him of costing the U.S. “a fortune” by maintaining rates at 4.25%–4.5%. The note, written in Trump’s signature black Sharpie on a chart ranking global central bank rates, read: “Jerome, you are, as usual, ‘too late.’ 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.” White House Press Secretary Karoline Leavitt displayed the note during a briefing, emphasizing Trump’s belief that rates should be around 1%, citing lower rates in countries like Switzerland (0.25%) and Japan, per The New York Times and CNN.
Trump’s note aligns with his ongoing criticism of Powell, whom he appointed in 2018, for not cutting rates aggressively, claiming it burdens the government with high debt interest payments. He posted the note on Truth Social, stating the Fed’s board “should be ashamed” for keeping rates high, though he incorrectly targeted only the board, as rate decisions involve the Federal Open Market Committee (FOMC), including regional Fed presidents, per CNN. Powell, speaking at the ECB’s Sintra conference, has resisted cuts, citing potential inflation from Trump’s tariffs, per The Financial Express. ECB President Christine Lagarde praised Powell as a “courageous central banker,” per The New York Times.
No video of Trump personally sending or writing the note has been confirmed in available sources. However, Leavitt’s briefing, where she held up the note, was widely covered, with footage available on CNN and Fox Business websites. For visuals, check www.cnn.com or www.foxbusiness.com for clips of Leavitt’s June 30, 2025, briefing, or follow X posts like @nypost for related updates. The note’s public release escalates Trump’s pressure on the Fed, with implications for economic policy and Powell’s tenure, ending in May 2026.
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