Donald Trump is ramping up pressure on Federal Reserve Chair Jerome Powell once more—this time using disappointing job numbers to demand interest rate cuts.
On Wednesday, the president took to Truth Social, posting:
“ADP NUMBER OUT!!! ‘Too Late’ Powell must now LOWER THE RATE. He is unbelievable!!! Europe has lowered NINE TIMES!”
Trump’s outburst followed the release of a surprisingly weak jobs report from ADP, showing that private U.S. employers added just 37,000 jobs in May—well below the 110,000 forecast by Dow Jones. That marks the weakest growth since March 2023 and came just ahead of the more closely watched jobs report from the Bureau of Labor Statistics, which is expected to show 125,000 new jobs.
But Trump didn’t stop at a social media post. He recently met with Powell at the White House to discuss the economy, a meeting that sources say became tense.
According to Trump’s press secretary, Karoline Leavitt, the president told Powell he was making a “mistake” by not cutting rates and argued that the Fed’s inaction was putting the U.S. at a disadvantage compared to competitors like China. Powell reportedly pushed back, emphasizing the importance of keeping monetary policy driven by economic data—not political pressure.
The Fed later released its own statement, noting that Powell reminded the president that central bank decisions must be based on the state of the economy, not outside influence.
Powell Holds Firm as Trump Steps Up Criticism
Since reclaiming the presidency, Trump has made Powell a frequent target. He’s mocked the Fed chair as “Too Late Powell” and even floated the idea of firing him before his term ends in May 2026—though Trump walked back that threat in April, saying he had “no intention” of removing Powell.
Still, the frustration clearly lingers. Trump has repeatedly pointed to Europe as evidence that the Fed is falling behind. The European Central Bank is expected to announce another rate cut on Thursday—its eighth since June 2024—as inflation slows and growth remains weak across the eurozone.
Trump argues that while other nations are acting to stimulate their economies, Powell is standing still—even as U.S. job growth falters and global uncertainty increases due to tariffs and rising geopolitical tensions.
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