Overview

• Trump labeled Fed Chair Jerome Powell “Too Late” in a Sharpie-scrawled message that compared U.S. rates to lower global benchmarks.
• The note, shown by Press Secretary Karoline Leavitt, warned Powell that his policy has “cost the USA a fortune” and urged cuts to 1–2%.
• Trump-appointed governors Christopher Waller and Michelle Bowman have broken with other officials by backing a rate reduction as soon as July.
• Treasury Secretary Scott Bessent revealed that the White House is vetting “three or four” candidates to succeed Powell and could nominate one by October.
• Fed officials continue to uphold their dual mandate of price stability and full employment amid cooling inflation and tariff-driven uncertainty.