Tue Jul 01 14:00:00 UTC 2025: Here’s a news article summarizing the provided text:
**Trump Escalates Attacks on Fed Chair Powell, Demands Rate Cuts**
**Washington D.C.** – President Donald Trump has intensified his public pressure on Federal Reserve Chair Jerome Powell, demanding significant interest rate cuts and accusing Powell of harming the U.S. economy. In a handwritten note released on Monday, Trump asserted that Powell is costing the country “a fortune” and insisted rates be lowered “by a lot.”
The attacks come after months of criticism during which Trump has repeatedly urged the Federal Reserve to lower borrowing costs, even suggesting that Powell should resign. Trump has gone as far as to say that Powell is a “stubborn mule” and a “stupid person,” and expressed his desire to replace him with someone who would readily cut rates.
In a social media post, the President stated that Powell and the Fed’s Board of Governors “should be ashamed of themselves,” claiming that their inaction is costing the country trillions of dollars.
Despite the pressure, the Federal Reserve has maintained a cautious stance, stating that it is “well-positioned to wait” and observe the economic effects of existing policies before making any adjustments. They want to learn more about the course of the economy before considering any adjustments to their policy stance.
Trump has also reportedly considered strategies to circumvent the typical Fed leadership structure, including the possibility of appointing Powell’s successor to an open board position and later elevating that person to chair.
The ongoing conflict raises concerns about the Federal Reserve’s independence and the potential impact of political pressure on monetary policy.
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