Trump: Powell 'Must' Lower Interest Rates

President Trump demanded Federal Reserve Chairman Jerome Powell cut interest rates on Wednesday after payroll processing firm ADP reported its lowest private-sector jobs number since March 2023. Payrolls increased 37,000 in May, far below the Dow Jones forecast for 110,000, per CNBC. "'Too Late' Powell must now LOWER THE RATE," Trump wrote on Truth Social in response to the report. "He is unbelievable!!! Europe has lowered NINE TIMES!"

The European Central Bank has slashed interest rates seven times since last June and is expected to due so again on Thursday, per Reuters. However, the Bank of England's governor warned Tuesday that the path of interest rates in the UK is uncertain because of Trump's trade policy. "The impact of fragmenting the world trading system is negative for world growth and world activity: it obviously increases uncertainty," he told MPs, per the Guardian. Powell has said Trump's tirades will have no effect on the Fed's decisions. During a meeting with Trump last week, Powell stressed "that the path of policy will depend entirely on incoming economic information and what that means for the outlook," the Fed said in a statement, per Reuters. (More President Trump stories.)