President Donald Trump is lashing out on social media. Jerome Powell is on the receiving end of today’s ire.
Powell, the Federal Reserve chair who is slowly cutting back interest rates to minimize the risk of continued inflation, is caught in the President’s crosshairs after a paltry jobs report.
US private payrolls increased far less than expected in May, the ADP National Employment Report showed on Wednesday, a new potential warning sign for the direction of the US economy.
Private payrolls increased by only 37,000 jobs last month, a far cry from analyst projections and the worst private job hiring slump since March 2023.
Economists polled by Reuters had forecast private employment increasing 110,000 following a previously reported gain of 62,000 in April.
‘ADP NUMBER OUT!!! “Too Late” Powell must now LOWER THE RATE,’ Trump said in the post.
‘He is unbelievable!!! Europe has lowered NINE TIMES!’
The European Central Bank has only cut interest rates seven times, with its latest slashing coming in mid-April.
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