President Donald Trump renewed his attacks on the Federal Reserve Tuesday, demanding an aggressive interest rate cut of at least three percentage points to ease U.S. debt servicing costs.
“Our Fed rate is at least 3 points too high,” Trump wrote on Truth Social. He claimed each percentage point costs the country $360 billion annually in refinancing. Without naming Fed Chair Jerome Powell directly, Trump referred to him derisively as “Too Late,” writing, “Anybody but too late.’”
Trump has long pressured Powell to slash rates, frequently insulting him and even calling for his resignation. “’Too Late’ should resign immediately!!!” he posted last week.
Powell recently said that Trump’s own tariff policy delayed potential rate cuts by triggering inflation concerns. “We went on hold when we saw the size of the tariffs,” Powell said at a central banking forum in Portugal.
Asked Tuesday about appointing a new Fed chair, Trump replied, “Anybody would be better than Jay Powell.”
