Fact Check: Trump Accuses Powell of Keeping Rates 'Artificially High'
What We Know
Former President Donald Trump has publicly criticized Jerome Powell, the Chair of the Federal Reserve, for maintaining high interest rates. In a handwritten note addressed to Powell, Trump stated that Powell has "cost the USA a fortune" and urged him to lower rates significantly, claiming that the current rates are "artificially high" (New York Times). During a press briefing, White House Press Secretary Karoline Leavitt reiterated Trump's sentiments, indicating that he believes hundreds of billions of dollars are being lost due to these high rates and that there is "no inflation" to justify them (Fox Business).
Trump's criticism is part of a broader campaign where he has consistently demanded that the Fed lower interest rates, comparing them unfavorably to those in other countries. He has pointed out that many nations have significantly lower rates, which he believes puts the U.S. at a disadvantage (Axios).
Analysis
The claim that Trump accused Powell of keeping rates "artificially high" is substantiated by multiple sources. Trump's note explicitly states that Powell is responsible for costing the U.S. a fortune due to high interest rates, which he believes should be lowered drastically. The context of this accusation is rooted in Trump's ongoing frustration with the Fed's monetary policy, which he argues is not aligned with the economic conditions he perceives (New York Times; Fox Business).
The reliability of these sources is generally high, as they come from established news organizations that have a track record of covering economic and political issues. However, it's important to note that Trump's statements often reflect his personal views and political agenda, which may introduce bias. His characterization of Powell as "Mr. Too Late" and other derogatory remarks suggest a personal animosity that could color his public statements about monetary policy (Axios).
Conclusion
The claim that Trump accused Powell of keeping interest rates "artificially high" is True. This assertion is directly supported by Trump's own words in his handwritten note and public statements made by his administration. The context of these remarks indicates a consistent pattern of criticism aimed at the Federal Reserve's monetary policy under Powell's leadership.
