President Donald Trump escalated his public pressure campaign against Federal Reserve Chair Jerome Powell on Monday, June 30, 2025, by sending a handwritten Sharpie note demanding lower interest rates and displaying it during a White House press briefing.
White House Press Secretary Karoline Leavitt revealed what she called “original correspondence from the President of the United States to our Fed Chair Jerome Powell” during Monday’s briefing at 2:46 p.m. EDT. The note was written on a chart showing central bank rates from 44 countries worldwide.
Trump’s message, scrawled in his characteristic block letters with a black Sharpie marker, 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!” The note continued with “Hundreds of billions of dollars being lost! No inflation” and was signed by the President.
The chart Trump annotated listed Switzerland at the top with a 0.25 percent rate, while the United States tied with nine other nations at the bottom with a 4.5 percent rate. Trump drew an arrow near the top of the list and wrote “Should be here,” indicating where he believed U.S. rates should be positioned.
Leavitt indicated that the American people want to borrow money cheaply and should be able to do so, but unfortunately face interest rates that remain too high. She rattled off interest rates from various countries on the chart before reading Trump’s note aloud to reporters.
The Federal Open Market Committee left the federal funds rate unchanged at 4.25 percent to 4.50 percent during its fourth consecutive meeting this month. Trump has repeatedly criticized Powell for refusing to cut rates more aggressively, calling him “Mr. Too Late” and “stupid” in various appearances and social media posts.
In a Fox News interview that aired on Sunday, Trump called Powell “a bad person” and indicated he plans to replace him with someone who will lower rates. Trump also posted the note on his Truth Social platform, adding that Powell and the entire Federal Reserve board should be ashamed of themselves.
The President argued on Truth Social that the board has failed in what he described as one of the easiest yet most prestigious jobs in America. He claimed the country would save trillions of dollars in interest costs if the Fed performed properly, stating the U.S. should be paying one percent interest or better.
Powell has maintained that Fed decisions will not be influenced by political pressure. During testimony to the Senate Finance Committee last week, Powell explained that the Fed expects tariff inflation to show up more in coming months, but officials remain uncertain about how much will be passed through to consumers.
The Fed chair noted that the central bank must wait to see the actual impact of Trump’s tariff policies before making rate decisions. Many of Trump’s tariffs are scheduled to take effect on July 9, and the President indicated on Fox News that he likely would not pause them again.
Trump has threatened to fire Powell, though the President lacks the legal authority to remove the Fed chair. Reports suggest Trump is considering naming Powell’s replacement this summer, nearly a year ahead of schedule, effectively creating what observers call a “shadow chair.” Powell’s term leading the U.S. Central Bank expires next year.
Treasury Secretary Scott Bessent has indicated he would accept the Fed chair position if offered. Trump even mused earlier this month about naming himself head of the Fed, claiming he would perform better than Powell.
The handwritten note represents Trump’s latest attempt to pressure Powell, who he originally nominated for the position during his first term. Even if Trump replaced Powell, the new chair could not unilaterally override the Federal Open Market Committee’s collective voting decisions on interest rates.
Trump’s public criticism of Powell has intensified over recent weeks, with the President arguing that the Fed’s hesitation to cut rates is costing the American economy. He has pointed to lower rates in countries like Switzerland, Cambodia, Japan and Denmark as examples of where U.S. rates should be positioned.
The President’s approach of using handwritten notes to communicate with government officials has drawn attention from critics and supporters alike. Social media users responded to the note with various reactions, with some questioning the unconventional communication method while others supported Trump’s push for lower rates.
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