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. White House Press Secretary Karoline Leavitt displayed the note during her daily briefing, calling it “original correspondence from the President of the United States to our Fed Chair Jerome Powell.”
The note, written in Trump’s characteristic all-caps block letters with a black Sharpie marker, was scrawled across a chart showing central bank rates from 44 countries worldwide. The message 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! Hundreds of billions of dollars being lost! No inflation.” Trump signed the note at the bottom.
The chart showed Switzerland at the top with a 0.25 percent rate, while the United States ranked among 10 nations tied 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 believes U.S. rates should be positioned.
Leavitt rattled off interest rates from various countries on the chart before reading Trump’s message aloud to reporters. She declared that the American economy is booming and emphasized that Americans want to borrow money at lower rates. The press secretary also highlighted what she called the Fed’s politicization, noting that Powell cut rates multiple times during the Biden administration but refuses to do so now.
The handwritten note represents the latest escalation in Trump’s ongoing battle with Powell over monetary policy. In a Fox News interview that aired on Sunday, June 29, Trump called Powell a “bad person” and indicated he would replace him with someone capable of lowering rates. The President has repeatedly referred to Powell as “Mr. Too Late” and even called him “stupid” in recent public statements.
The Federal Open Market Committee left the federal funds rate unchanged at 4.25 percent to 4.50 percent at its fourth consecutive meeting this month. Powell has consistently refused to bow to Trump’s pressure, maintaining that Fed decisions will not be influenced by political considerations.
Powell testified before a congressional committee last week, explaining the Fed’s cautious approach to rate cuts amid uncertainty surrounding Trump’s tariff policies. He indicated that the Fed expects tariff inflation to become more apparent in coming months, but acknowledged uncertainty about how much of that cost will be passed through to consumers. Powell emphasized that the Fed must wait and see the actual impact before making rate decisions.
Trump has threatened to fire Powell, though the President lacks the legal authority to remove the Fed chair. Powell’s term leading the U.S. central bank expires next year, prompting speculation about his replacement. Treasury Secretary Scott Bessent has indicated he would accept the position if offered. Trump has even suggested appointing himself as Fed chair, claiming he would perform better than Powell.
The President’s pressure campaign extends beyond personal attacks. Trump posted the note on his Truth Social platform, adding that Powell and the entire Fed board should be ashamed of themselves. He called for a one percent interest rate and claimed the country should be saving trillions of dollars in interest costs. Trump argued that if the Fed were doing its job properly, the United States would be paying one percent interest “or better.”
Powell, whom Trump originally nominated for Fed chair during his first term, has maintained the central bank’s independence throughout the public pressure campaign. Even if Trump were to replace Powell, the new chair could not unilaterally override the Federal Open Market Committee’s voting process to cut rates. The Fed’s decision-making remains a collective process among board members rather than a unilateral executive decision.
The handwritten note drew comparisons to Trump’s previous use of Sharpie markers for official communications, including his infamous alteration of a hurricane forecast map. Critics on social media noted the informal nature of the communication between the President and the head of the nation’s central banking system. The style of the note, complete with exclamation marks and expressions of frustration, represents an unconventional approach to monetary policy influence.
