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During a press briefing on Monday, White House Press Secretary Karoline Leavitt spoke about Federal Reserve Chair Jerome Powell.
Transcript
00:00in American history. We are truly coming off a historic week of President Trump racking up win
00:07after win on behalf of the American people. President Trump restored peace through strength
00:12and acted decisively as commander-in-chief to obliterate the immediate threat of the Iranian
00:17regime's nuclear capabilities and then brokered a ceasefire between Israel and Iran, which continues
00:24to hold. Then, the President traveled to the Netherlands and achieved a monumental win for
00:29the United States and the NATO alliance by getting our allies to dedicate 5 percent of their GDPs to
00:35military spending. As a result of President Trump unleashing American energy dominance, summer gas
00:42prices are at the lowest they have been in four years, heading into the July 4th week. And with
00:48the incoming Trump economic boom, the stock market continues to roar back, with the S&P 500 and the
00:55NASDAQ, both hitting record highs. And on this point of an economic boom, I bring to you original
01:01correspondence from the President of the United States to our Fed Chair, Jerome Powell. As the
01:07President has consistently stated, the American economy is booming. And there were so many economic
01:12analysts who said that this President's policies would drive our economy down when in fact we have
01:17seen the opposite. We've seen a massive deregulation campaign take place. We've seen inflation completely
01:23diminished from where it was under the reckless spending and the bad policies of the previous
01:28incompetent administration.
01:29I would remind the Fed Chair and I would remind the entire world that this is a President who was a
01:34businessman first. And he knows what he is doing. He has a proven economic formula that worked in his
01:40first term as President. And it is working again. The one problem that remains is high interest rates for
01:46the American people. The American people want to borrow money cheaply, and they should be able to do that. But
01:51unfortunately, we have interest rates that are still too high. So the President sent this note
01:55to the Fed Chair today. And if you look at this chart, this is a chart of all of the interest rates
02:01of many countries throughout the world. At the top is Switzerland. They're only paying a quarter
02:06for interest rates. Cambodia, Japan, Denmark, Thailand, Botswana, Barbados, Taiwan, Bulgaria, Cuba, Sweden, Morocco,
02:15Cabo Verde, South Korea, Algeria, Canada, Albania, Libya, Malaysia, China, New Zealand, Trinidad and Tobago,
02:23Czechia, Bolivia, Australia, Costa Rica, the Bahamas, Kuwait, Papua New Guinea, Bosnia, United Kingdom and
02:30the UAE are all paying lower interest rates than the United States of America, which has one of the hottest
02:36and strongest economies in the world. The President sent this note to the Fed Chair. It says,
02:42Jerome, you are, as usual, too late. You have cost the USA a fortune and continue to do so.
02:48You should lower the rate by a lot. Hundreds of billions of dollars are being lost, and there is
02:52no inflation. And the President is right. There is historically low inflation, thanks to his policies.
02:59And we will continue to drive down the cost of living in this country for Americans. We will continue
03:03to deregulate. And it's also incredibly important that we pass this one big, beautiful bill,
03:09which is the largest tax cuts in American history. And that's why the White House and the President
03:15himself have been in touch with lawmakers all weekend long to get this bill passed. And they
03:21are working very hard to do so. It remains a top priority for the President. And this bill
03:26has exposed the clear differences between Republicans and Democrats in 2025.

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