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The Guardian - US
The Guardian - US
Business
Lauren Aratani in New York

Trump takes on the Fed – but he has little power over central bank, economists say

Donald Trump Jerome Powell Ryan Sweet Interest Rates US Federal Reserve Jason Furman Scott Bessent Economy Inflation
a composite image showing two men in suits
Jerome Powell and Donald Trump are at loggerheads over interest rates. Composite: Reuters, Abaca/Shutterstock

For months, Donald Trump has ranted on social media and, at one point, threatened to fire the Federal Reserve chair, Jerome Powell. Last week, he took on a new, unusual tactic: a handwritten note.

“You have cost the USA a fortune and continue to do so. You should lower the rate – by a lot!” Trump wrote to Powell, whom he calls “Too Late” in one of his less compelling nicknames.

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