Donald Trump is turning up the heat on Jerome Powell again, this time using the latest jobs data as ammunition. On Wednesday, the president posted on Truth Social:
“ADP NUMBER OUT!!! ‘Too Late’ Powell must now LOWER THE RATE. He is unbelievable!!! Europe has lowered NINE TIMES!”
The statement came shortly after ADP released a disappointing report showing that private employers in the US added just 37,000 jobs in May—way off the 110,000 expected by Dow Jones.
That’s the lowest number since March 2023, and it landed just two days before the more influential monthly employment report from the Bureau of Labor Statistics is due. That one is expected to show 125,000 new jobs.
Trump didn’t stop at a post. The president recently met Powell at the White House to talk about the economy, but that discussion apparently didn’t go smoothly.
Karoline Leavitt, Trump’s press secretary, said the president told Powell he was “making a mistake by not lowering interest rates” and argued that Powell’s inaction was giving countries like China a competitive edge. Powell pushed back.
The Federal Reserve said in its own statement that Powell reminded Trump that “monetary policy must be guided by economic data, not politics.”
Trump intensifies attacks as Powell refuses to budge
Since returning to the presidency, Trump has made Powell a regular target. He’s called him a “major loser” and uses the name “Too Late” whenever he talks about him publicly, mocking Powell’s refusal to lower interest rates.
Trump has also hinted many times that he might try to fire Powell before his term ends in May 2026, even though Powell has publicly said that the law doesn’t give the president the power to remove him. Trump walked back that threat in April, saying he had “no intention” of firing him, but he’s clearly still angry about the Fed holding rates steady.
Meanwhile, Trump pointed to Europe as proof that Powell is out of step. The European Central Bank is widely expected to cut rates again on Thursday, which would be its eighth cut since June 2024. The move comes as inflation cools and growth across the eurozone continues to drag.
Trump’s frustration is also tied to that international comparison—while Europe makes moves to boost growth, Powell’s Fed remains stuck, refusing to adjust even as job data weakens and global uncertainty grows due to tariffs and geopolitical tensions.
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