Trump criticizes Powell after weak job data, urges Fed to cut interest rates immediately

2025-06-04 04:56:41

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President Donald Trump on June 4 continued to pressure Fed Chairman Jerome Powell, demanding an immediate rate cut after a report from ADP showed that America added only 37,000 private sector jobs in May, the lowest since March 2023 and far from Dow Jones’ forecast of 110,000.

On Truth Social, Trump wrote: “ADP FIGURES RELEASED!!! ‘Too Late’ Powell must lower interest rates RIGHT NOW.” He also emphasized: “Europe has lowered interest rates 9 times!”

Trump and Powell had a closed-door meeting at the White House last week, which was said to be quite tense. Trump believes that keeping interest rates high puts America at a disadvantage compared to China and other economies. The Fed responded that monetary policy needs to be based on data, not influenced by politics.

Trump has publicly criticized Powell multiple times since returning to the White House, even hinting at replacing him before his term ends in 2026, although he later stated that he has no intention of doing so.

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