Trump Doubles Down On Powell
President Donald Trump is once again sounding the alarm on the Federal Reserve, calling out Chairman Jerome Powell for keeping interest rates high—just as the U.S. job market shows serious signs of slowing.
In a fiery post on Truth Social Wednesday, Trump reacted to troubling economic data:
“ADP report just released! ‘Too Late’ Powell needs to cut interest rates now. This is ridiculous! Europe has already lowered rates nine times!”
ADP’s employment data for May shows a significant slowdown in private-sector hiring, with only 37,000 new jobs added—the weakest monthly figure in more than two years. In contrast, April recorded 60,000 new positions. The steep decline is fueling renewed concerns about the economy’s trajectory amid the Fed’s current interest rate strategy.
Trump has been urging Powell to act swiftly. The two recently met at the White House, where the President reportedly warned Powell he’s making a critical mistake by refusing to cut rates.
“He’s out of touch with the reality Americans are facing,” a senior Trump aide told reporters. “Everyday families and retirees are getting squeezed while Powell sits on his hands.”
The ADP report also revealed troubling wage stagnation. Workers who stayed in their jobs saw only a 4.5% annual pay increase. Job switchers fared slightly better with a 7% increase—but both figures signal weak momentum for household incomes.
Despite Trump having appointed Powell back in 2017, their relationship has soured. Trump frequently calls him “Too Late Powell” and recently said meeting with him again would be “like talking to a wall.”
Powell has insisted he hasn’t—and won’t—request meetings with any president. But with rising concerns about inflation, interest rates, and a fragile labor market, critics argue the Fed’s hands-off approach is risking a recession.
Meanwhile, Trump supporters say the President’s pro-growth, pro-America policies—including tax cuts and trade reform—need the Fed’s support to deliver full economic recovery.
“Europe is slashing rates to keep their economies afloat,” Trump posted. “Why is America doing the opposite?”
As the 2024 election looms, expect this clash over economic policy to become a major campaign flashpoint.
