President Donald Trump renewed his attacks on Federal Reserve Chairman Jerome Powell on Wednesday, calling for immediate interest rate cuts after the payroll firm ADP released disappointing job reports. The report showed private-sector payrolls by just 37,000 in May, well below expectations and the lowest since March 2023.
Moments after the report was released, Trump took to Truth Social, declaring, “Too Late,” Powell must lower interest rates, accusing the Fed chair of being slow to respond to weakening economic signals.
The ADP report arrives just ahead of Friday’s U.S. Bureau of Labor Statistics nonfarm payroll report, which is projected to show a 125,000 job gain. Though the two reports often diverge in methodology and results, economists use both to assess broader market trends.
Trump’s comments follow a reportedly tense meeting with Powell at the White House last week. According to the White House, Trump warned Powell that his refusal to cut rates was putting the U.S. at a disadvantage compared to China and other global economies. The Fed, in its own readout, stated that Powell emphasized the need for monetary policy to remain data-driven and independent of external policy pressures.
Since returning to the presidency, Trump has repeatedly criticized Powell, reviving his “Too Late” nickname and even suggesting he might fire the Fed chair before his term ends in May 2026. Although Trump later stated that he had “no intention” of doing so, tensions have persisted.
Meanwhile, the European Central Bank is expected to deliver another interest rate cut on Thursday, its eighth since June 2024, highlighting diverging monetary policy paths amid global economic uncertainty and persistent inflation.
ASBN, from startup to success, we are your go-to resource for small business news, expert advice, information, and event coverage.
