NOTE: VIDEO AT THE END OF THE ARTICLE.
White House Press Secretary Karoline Leavitt issued a forceful critique of Federal Reserve Chairman Jerome Powell, blaming him for stalling the U.S. economy by keeping interest rates higher than necessary. In a dramatic moment from the press briefing room, Leavitt held up a handwritten note from President Donald Trump himself—scrawled across an interest rate chart—demanding aggressive cuts and blaming Powell for “costing the U.S. a fortune.”
“Interest rates are still too high,” Leavitt declared from the podium, accusing Powell of acting too slowly as other countries with weaker economies already enjoy significantly lower rates. Holding a printed chart comparing global interest rates, she listed off several nations with far cheaper borrowing costs, including Switzerland, Japan, Cambodia, Cuba, and even Libya.
“Switzerland is only paying a quarter percent on interest rates,” she pointed out. “Meanwhile, we have one of the strongest and hottest economies in the world, and yet we’re paying more than countries with less economic firepower.”
Then came the centerpiece: a handwritten Trump message scribbled across the top of the chart. Reading it aloud, Leavitt said: “‘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.’”
Leavitt’s remarks came as the financial markets continued to show optimism. The Dow Jones Industrial Average briefly broke past the 44,000 mark—its highest level since the week after Trump’s re-election—reflecting strong investor confidence in the economy. Global tensions, particularly in the Middle East, have not severely disrupted energy markets, and recent economic data has largely exceeded expectations.
Inflation has dropped to 2.35%, comfortably below the U.S. historical average of 3.28%, and unemployment figures continue to beat forecasts. Yet despite these promising signs, the Federal Reserve has held steady on rate policy, citing caution as its guiding principle.
Not all economic signals are positive, though. A recent U.S. Chamber of Commerce survey revealed that while small business confidence is on the rise, concerns remain over inflation and shifting trade dynamics. “Small businesses are cautiously navigating a complex economic landscape,” said Tom Sullivan, Senior VP of Small Business Policy.
Nevertheless, polling indicates that voters increasingly trust Trump and Republicans more than Democrats to manage the economy. One survey gave Trump a 6-point edge on inflation management and an 8-point lead on overall economic issues.
The public rift between Trump and Powell has only intensified following a U.S. Supreme Court decision affirming the Federal Reserve chair’s legal independence from presidential removal. The ruling emphasized the Fed’s unique quasi-private status and historical significance.
For now, Leavitt’s public delivery of Trump’s pointed message leaves little doubt: the White House is ramping up pressure on the Fed, and it’s doing so with receipts—literally.
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