05.06.202500:20:45UTC+00Trump Pressures Fed Powell to Cut Rates After Weak Jobs Report

President Donald Trump expressed strong disapproval of Federal Reserve Chair Jerome Powell on Wednesday, criticizing him for not implementing interest rate cuts. This demand came in the wake of ADP's report indicating the weakest private sector job growth since March 2023. Via Truth Social, Trump noted, “Europe has lowered nine times!” His recent encounter with Powell at the White House reportedly became tense. White House Press Secretary Karoline Leavitt relayed that Trump told Powell he was “making a mistake by not lowering interest rates,” arguing that this stance puts the United States at a disadvantage compared to countries like China. The Federal Reserve responded, stating that Powell emphasized that policy should be guided by economic data, not political influence. Since resuming office, Trump has persistently criticized Powell, describing him as a “major loser” and dubbing him “Too Late” in reference to his decisions on interest rates. Although Trump has previously suggested that he considered removing Powell from his position before the term concludes in 2026, he mentioned in April that he had “no intention” of doing so. Nevertheless, Trump continues to express his dissatisfaction publicly.