NOTE: VIDEO AT THE END OF ARTICLE
White House Press Secretary Karoline Leavitt stunned reporters Monday when she revealed a handwritten note from President Trump aimed squarely at Federal Reserve Chairman Jerome Powell — blasting him for refusing to cut interest rates and warning of major economic consequences.
From the podium, Leavitt held up a global interest rate chart and declared that U.S. rates remain “too high,” despite the country having one of the strongest economies in the world.
“Cambodia, Japan, Botswana, and even Cuba all have lower interest rates than the United States,” she said. “That’s holding back our growth.”
Then came the twist: she pointed to the top of the chart, where Trump had scrawled a sharp message to Powell in his trademark block handwriting.
“Jerome, you are as usual ‘too late.’ You have cost the U.S. a fortune and continue to do so,” it read. “You should lower the rate by a lot. Hundreds of billions of dollars are being lost, and there is no inflation.”
The moment lit up social media as Leavitt’s display of Trump’s blunt personal note went viral.
Markets responded favorably to recent economic indicators, with the Dow Jones briefly surpassing 44,000 for the first time since Trump’s 2024 re-election. Inflation has dipped below long-term averages, and unemployment data exceeded expectations for the third straight month.
Still, Powell and the Fed have kept rates elevated, citing “cautious optimism” and potential long-term volatility. But Trump’s team isn’t having it.
“This is a president trying to unlock more growth and prosperity,” Leavitt said. “And Powell is dragging his feet.”
The tension comes just weeks after a Supreme Court ruling confirmed that the Fed Chair cannot be removed by the president, further complicating the political pressure campaign.
Small business leaders remain split. While a U.S. Chamber of Commerce survey showed growing confidence, it also noted lingering fears over inflation and trade disruptions.
Trump has long clashed with Powell over monetary policy. Now, his frustration is no longer behind closed doors—it’s on paper, in ink, and on national television.
And as Leavitt made sure everyone in the room saw it, one thing was clear: this administration isn’t afraid to name names.
