๐ฅ Trump Pressures Fed Chair Powell for Immediate Rate Cut After Weak Jobs Report
๐บ๐ธ Former U.S. President Donald Trump has once again turned up the heat on ๐๏ธFederal Reserve Chairman Jerome Powell, demanding an immediate interest rate cut. This comes on the heels of a disappointing May jobs report from the private sector, showing a sharp slowdown in employment growth.
๐ Posting on Truth Social, Trump wrote:
"The ADP report has come out, itโs too late, Powell, interest rates must be cut now, itโs unbelievable, Europe has cut rates 9 times."
๐จ The May ADP employment data revealed that the U.S. economy added just 37,000 jobs โ far below the forecast of 110,000, triggering fresh concerns over a potential slowdown in economic momentum.
๐งญ For context, ADP (Automatic Data Processing) is a major provider of HR solutions and releases a closely watched monthly employment report. This report tracks hiring in the U.S. private sector and often serves as a preview to the official jobs report. Itโs typically released on the first Wednesday of each month, covering the previous monthโs data.
๐ฅ Trump has consistently criticized Powell in recent weeks, labeling him as โalways lateโ and โfoolish.โ He argues that the Fed is ignoring clear signs of cooling inflation and falling energy and commodity prices โ which, according to Trump, warrant an urgent rate cut.
With the global monetary landscape shifting โ and Europe already making multiple rate cuts โ Trumpโs latest comments amplify the political pressure on the Fed ahead of the next policy meeting.