Trump Presses Fed’s Powell to Cut Interest Rates After Weak Jobs Report
President Donald Trump on Wednesday lashed out at Federal Reserve Chairman Jerome Powell, demanding an interest rate cut just after ADP reported the weakest private-sector job growth since March 2023. On Truth Social, Trump wrote, “Europe has had nine downturns!”
Their recent meeting at the White House reportedly turned tense. According to press secretary Karoline Leavitt, Trump told Powell he “made a mistake by not lowering rates,” arguing that it put the U.S. at a disadvantage to countries like China. The Fed said Powell emphasized that policy should follow economic data, not politics. Since returning to office, Trump has repeatedly attacked Powell, calling him a “big loser” and calling him “Late” on interest rate decisions.
Although Trump has hinted that he will fire Powell before his term ends in 2026, he said in April that he has “no intention” of doing so—but has continued to express his frustration in public.
Source: Trading Economics