On Wednesday, U.S. President Donald Trump intensified his pressure on Federal Reserve Chair Jerome Powell, urging him once again to cut interest rates following a disappointing U.S. jobs report.
In a post on Truth Social, Trump cited the latest data from payroll services firm ADP, which showed a significant slowdown in job growth for May.
“ADP number out. ‘Too Late’ Powell must now lower the rate. He is unbelievable. Europe has lowered nine times,” Trump wrote.
ADP’s report revealed that U.S. private sector employment rose by just 37,000 in May, a sharp drop from April’s downwardly revised 60,000. This figure fell well below economists’ expectations of 110,000 new jobs, according to a Reuters poll.
This release came ahead of the Labor Department’s broader monthly employment report, scheduled for Friday.
Trump, a Republican, has repeatedly criticized Powell, often in personal terms, for not cutting rates sooner. His ongoing attacks have added to concerns over the Federal Reserve’s independence during his presidency.
Although Trump recently stated he does not intend to remove Powell before his term expires in May 2026, his vocal demands have stirred volatility in financial markets and added pressure on the central bank.
