President Donald Trump has expressed renewed frustration with Federal Reserve Chairman Jerome Powell, as evidenced by a handwritten note sent directly to Powell criticizing the delayed interest rate cuts. Trump highlighted the economic costs incurred from Powell's inaction, while Powell justified the Fed's cautious stance due to potential inflation impacts from trade policies. Despite aggressive rate cuts in the Eurozone, U.S. inflation remains stubbornly high, contributing to Trump’s ire. His dissatisfaction has grown even as he contemplates Powell's replacement after the end of Powell's term next year.
"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!"
"We expect a meaningful amount of inflation to arrive in the coming months," Powell said earlier this month, adding, "Someone has to pay for the tariffs."
Trump posted the letter on Truth Social, where he added, "Jerome 'Too Late' Powell, and his entire Board, should be ashamed of themselves for allowing this to happen to the United States."
The Eurozone has cut its rates seven times in the last year, but central bankers there aren't facing the same trade concerns.
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