President Donald Trump appeared to preview disappointing economic figures in a typo-filled social media message on Friday morning, Feb. 20, 2026. He revealed sluggish GDP data roughly 40 minutes before its official release while launching another criticism of Federal Reserve Chair Jerome Powell.
“LOWER INTEREST RATES. ‘Two Late’ Powell is the WORST!!!” Trump wrote on Truth Social at 7:50 a.m. ET, seemingly misspelling his usual “Too Late” moniker for the Fed chief. The message went out just as the Commerce Department was set to publish fourth-quarter economic results showing growth had slowed sharply to only 1.4%.
The president’s early post also faulted Democrats for the economic deceleration, stating that the shutdown “cost the U.S.A. at least two points in GDP” and cautioning against any future funding interruptions.
When the official data was released at 8:30 a.m., it backed up Trump’s bleak hint. The economy expanded at an annualized rate of 1.4% in the final quarter of 2025, down dramatically from the previous quarter’s 4.4% and far below economists’ expectations of 2.5% to 3%. The result represented a decline of 3 percentage points from the prior quarter.
The early leak is at least the second instance of Trump revealing economic indicators ahead of schedule. Office of Management and Budget rules prohibit executive branch officials from commenting on such data before release and bar public remarks until 30 minutes after publication. In January, Trump indirectly signaled upcoming nonfarm payroll numbers, prompting the White House to admit an “inadvertent public disclosure of aggregate data.”
The weak GDP figures deal a major setback to Trump’s economic messaging ahead of his State of the Union address next week. The president has consistently claimed responsibility for what he calls a “booming” economy, even telling a Georgia crowd Thursday that he had “solved” affordability issues.
The economic slowdown was driven in part by the record 43-day government shutdown that began on Oct. 1 and stretched into mid-November. The Bureau of Economic Analysis estimated the shutdown cut real GDP growth by about 1 percentage point, while the Congressional Budget Office forecast the closure would reduce annualized growth by up to 2 points.
Yet the shutdown does not explain everything. Consumer spending, a critical component of the U.S. economy, increased only 2.4% in the fourth quarter, compared to a strong 3.5% in the third quarter. The slowdown indicates households are feeling financial pressure despite the administration’s upbeat messaging.
Joel Kan, vice president and deputy chief economist at the Mortgage Bankers Association, cautioned that higher-income households continue to drive most spending, while lower-income Americans face mounting strain from rising expenses and elevated credit balances.
Complicating matters further for the administration, a separate Commerce Department release showed inflation rose in December. The PCE price index climbed 2.9% year-over-year, nearly a full point above the Federal Reserve’s 2% target. Persistent inflation makes it unlikely Powell will cut interest rates at the pace Trump is demanding.
The political timing is especially unfavorable for Trump. His overall approval rating dropped to 38% in the latest Reuters/Ipsos survey, down from about 50% at his January 2025 inauguration. Consumer confidence fell to 84.5 in January 2026, its lowest reading since May 2014 and even weaker than during the COVID-19 recession.
For all of 2025, the economy grew 2.2%, down from 2.8% in 2024. Despite steady expansion, employers added only 181,000 jobs throughout the year — the lowest total for any non-recession year since 2003. The unemployment rate was 4.3%.
White House spokesperson Kush Desai sought to frame the data positively, asserting that GDP growth “smashed” expert estimates and crediting the president’s policies — including tax cuts, deregulation, and tariffs — for laying the foundation for a stronger rebound in 2026.
Certain metrics did show underlying strength. Real final sales to private domestic purchasers, which track both consumer and business spending, rose 2.4%, in line with post-pandemic recovery trends. Budget Lab executive director Martha Gimbel described business and consumer activity as “reasonably solid,” adding, “This is not a disastrous report.”
On Wednesday, the Federal Reserve released minutes from its January meeting indicating policymakers are increasingly hesitant to reduce interest rates this year. Some officials even suggested rates might need to increase if inflation stays elevated. Chris Zaccarelli, chief investment officer for Northlight Asset Management, said the combination of slow growth and persistent inflation deepens the divide between the Fed’s hawks and doves.
As Trump prepares to address Congress in his State of the Union speech, he must contend with explaining why the economy has slowed sharply during his tenure while inflation remains stubbornly high. His Friday morning post — typo included — signaled he recognizes the economic data presents political challenges heading into the midterm election year.
