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President Donald Trump on Wednesday angrily urged Federal Reserve Chairman Jerome Powell to cut interest rates, minutes after the payroll firm ADP reported its lowest private-sector jobs number in years.
“ADP NUMBER OUT!!! ‘Too Late’ Powell must now LOWER THE RATE,” Trump wrote on Truth Social.
“He is unbelievable!!!” the president said of the central bank chairman, whom he has frequently pressured to shave borrowing rates in hopes of spurring economic growth.
Trump added: “Europe has lowered NINE TIMES!”
ADP’s report showed private payrolls ticked up by just 37,000 in May, far below the Dow Jones forecast for 110,000.
It was the lowest monthly reading from ADP since March 2023.
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