Former President Donald Trump has renewed his criticism of Federal Reserve Chair Jerome Powell, leveraging weaker-than-expected jobs data to call for an immediate rate cut.
In a post on Truth Social Wednesday, Trump reacted to the latest ADP employment report, which showed just 37,000 private-sector jobs added in May—well below the 110,000 anticipated by economists.
“ADP NUMBER OUT!!! ‘Too Late’ Powell must now LOWER THE RATE. He is unbelievable!!! Europe has lowered NINE TIMES!” Trump wrote.
The figure represents the lowest monthly job gain since March 2023 and arrives just two days ahead of the more influential Bureau of Labor Statistics (BLS) report, which is expected to show 125,000 new jobs.
Tense Meeting Behind Closed Doors
Trump’s latest attack follows a recent White House meeting with Powell that reportedly became tense. According to Trump’s press secretary, Karoline Leavitt, the president told Powell he was making a “mistake” by not cutting rates and warned that U.S. inaction could allow rivals like China to gain an economic edge.
However, the Fed pushed back, issuing a statement saying Powell emphasized that the central bank’s decisions are based on economic data—not political pressure.
A Long-Running Feud
Since returning to office, Trump has frequently targeted Powell, calling him a “major loser” and derisively nicknaming him "Too Late" for what Trump sees as a sluggish response to changing economic conditions.
He has also hinted at removing Powell before his term ends in May 2026, though he walked back that threat in April, stating he had “no intention” of firing him—for now. Still, Trump's rhetoric makes clear he remains deeply frustrated with the Fed’s cautious stance.
International Comparisons Fuel Criticism
Trump has also pointed to Europe’s monetary policy to bolster his case. The European Central Bank (ECB) is widely expected to cut interest rates again on Thursday, marking what would be its eighth rate cut since June 2024. The ECB’s ongoing efforts to stimulate growth amid cooling inflation stand in stark contrast to the Fed’s continued rate hold.
For Trump, the comparison underscores his broader concern: that the U.S. is falling behind amid growing global uncertainty, trade tensions, and economic slowdown signals. Whether the upcoming BLS report shifts the Fed’s calculus remains to be seen—but for now, Powell isn’t budging.
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