Trump Pressures Fed Chair Powell Over US Interest Rates

President Donald Trump has intensified his criticism of Federal Reserve Chair Jerome Powell, accusing him in a handwritten note of costing the United States "a fortune" by maintaining higher interest rates. Trump posted the note on Truth Social, urging Powell to significantly lower the federal funds rate, highlighting that the U.S. rate ranks among the highest globally and should be closer to rates like Denmark's at 1.75%. Despite Trump's persistent pressure and public rebukes, Powell and the Federal Reserve have kept rates steady, prioritizing their mandate to control inflation around 2%. Trump has nicknamed Powell "Too Late" and has even contemplated firing him, though Powell's term runs through 2026. Treasury Secretary Scott Bessent expressed willingness to follow Trump's directives if appointed Fed chair, but the Federal Reserve remains independent of partisan influence. These developments underscore the ongoing tension between the White House and the Federal Reserve regarding monetary policy and economic growth strategies.