Trump guns for 1% interest rate or less, says 'Too Late' Powell should be ashamed
Trump guns for 1% interest rate or less, says 'Too Late' Powell should be ashamed originally appeared on TheStreet.
On June 30, President Donald Trump issued a handwritten note to Federal Reserve Chair Jerome Powell, as shared on Truth Social.
Trump wrote in the note that Powell is, as usual, “too late” who has cost the U.S. a "fortune." Hundreds of billions of dollars have been lost, and Powell should lower the interest rates, he wrote.
The total crypto market cap stood at $3.32 trillion at the time of writing.
As per Kraken, Bitcoin fell from $107,650 to $107,448 following Trump's post. On the other hand, Ethereum rose from $2,476 to $2,496, and XRP from 2.2048 to $2.2235.
In the accompanying Truth Social post, Trump said that Powell and the entire Fed's Board should be ashamed of themselves because they have one of the easiest, yet most prestigious, jobs in the country, which they have failed at. He added:
"We should be paying 1% Interest, or better!"
Trump has been going after Powell for not slashing interest rates. He recently said there are three or four individuals among whom he will pick the next Fed chair.
Powell, on his part, has refused to give in to Trump's pressure.
The next Federal Open Market Committee (FOMC) meeting is scheduled to be held on July 29-30, and there is no indication of the central bank cutting rates.
It is estimated the Fed lowering interest rates could unleash a substantial inflow of funds into the crypto market. Lower rates could encourage traders to opt for cryptocurrencies in the hope of higher, outsized returns thanks to their relative volatility.
But it is difficult to tell when the Fed will slash interest rates.
Trump guns for 1% interest rate or less, says 'Too Late' Powell should be ashamed first appeared on TheStreet on Jun 30, 2025
This story was originally reported by TheStreet on Jun 30, 2025, where it first appeared.
