U.S. Federal Reserve Chair Jerome Powell departs after holding a press conference following a two-day meeting of the Federal Open Market Committee on interest rate policy in Washington, D.C., U.S., May 7, 2025.
Kevin Lamarque | Reuters
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 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.
The count was the lowest monthly reading from ADP since March 2023.
The weak result came two days before the Bureau of Labor Statistics releases its own monthly U.S. nonfarm payrolls report, which is much more closely watched than ADP’s figure.
Economists polled by Dow Jones expect the upcoming report to show an increase 125,000 jobs for May.
Trump met Powell at the White House last week to discuss the economy, but readouts from both sides suggest that the private meeting turned confrontational.
White House press secretary Karoline Leavitt said that Trump told Powell he was “making a mistake by not lowering interest rates, which is putting us at an economic disadvantage to China and other countries.” The Fed said that Powell stressed to Trump that monetary policy must be guided by economic data, not politics.
Trump has attacked Powell regularly since retaking office, calling him a “major loser” and branding him with the derisive nickname “Too Late” as a criticism of his continuing decision to hold rates steady.
Trump has repeatedly hinted that he was considering firing the Fed chair before his term expires in May 2026, even as Powell has maintained that the president cannot legally remove him.
Trump appeared to back down from his threat in April, saying he has “no intention” of firing Powell. But he has continued to publicly vent frustration toward the Fed chair.
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