WASHINGTON, D.C. – President Donald Trump on Wednesday urged Federal Reserve chairman Jerome Powell to reduce interest rates, shortly after the ADP salary firm reported a lower-than-expected increase in private sector jobs.

The President took to social media to express his views, stating, “ADP number !!! truth social assumption”.

“He’s incredible !!!” The President remarked about the Chairman of the Central Bank, whom he has frequently pressured to lower borrowing rates in hopes of stimulating economic growth.

Trump added, “Europe has dropped nine times!”

The ADP report indicated that private wage lists increased by only 37,000 in May, substantially below Dow Jones forecasts of 110,000.

This was the lowest monthly reading from the ADP as March 2023.

The subdued result comes two days before the Bureau of statistics releases its monthly US non-farm payroll report, which is more closely scrutinized than the ADP figure.

Dow Jones’ economists anticipate the upcoming report will reveal an increase of 125,000 jobs in May.

Trump’s History with the Federal Reserve

“He was wrong without reducing interest rates that make us in economically disadvantageous situation for China and other countries.”

Trump met with Powell at the White House last week to discuss the economy. Reports suggest the private meeting was tense.

white House spokeswoman Karoline Leavitt stated that Trump told Powell that “he was wrong without reducing interest rates that make us in economically disadvantageous situation for China and other countries.” The Fed reported that Powell emphasized to Trump that monetary policy should be guided by economic data, not politics.

Trump has frequently criticized Powell, calling him “the main loser” and using the nickname “too late” to criticize his decisions to maintain stable rates.

Trump has repeatedly mentioned the possibility of firing the Fed chair before his term ends in may 2026, despite Powell’s assertion that the president lacks the legal authority to remove him.

trump appeared to back away from these threats in April, stating he had no “intention” of letting go of Powell, but has continued to express his frustration publicly.

Global Economic Context

While Powell maintains a steady approach, the European Central Bank is expected to cut rates again on Thursday, marking the eighth cut since June of last year.

This expected move is driven by inflation and growth concerns in the eurozone, prompting increased interest rate adjustments, even as Trump’s tariffs and other geopolitical factors contribute to global economic uncertainty.