President Donald Trump has erupted at the Federal Reserve Chairman Jerome Powell for defying his demands—again.
The Republican leader aggressively called on “too late” Powell to slash interest rates on Truth Social on Wednesday, right after the payroll company ADP reported the lowest rise in private sector jobs in more than two years.
“ADP NUMBER OUT!!! “Too Late” Powell must now LOWER THE RATE. He is unbelievable!!! Europe has lowered NINE TIMES!," Trump wrote.
The ADP report showed an increase in private sector jobs of only 37,000 in May 2025, down a staggering 73,000 from the Dow Jones forecast and the lowest rise since March 2023.
Trump has been calling for Powell to cut interest rates to offset the impact of his tariff program and give a much needed boost to the U.S. economy—though the Fed has repeatedly refused to do so.
Last week, Powell and Trump met face-to-face for the first time since the start of the Republican’s second term in a bid to pressure the Fed into changing their mind on interest rates.
A statement issued after the meeting reiterated that the Fed “will set monetary policy, as required by law, to support maximum employment and stable prices and will make those decisions based solely on careful, objective, and non-political analysis.”
Trump has branded Powell a “major loser” and a “FOOL, who doesn’t have a clue” for refusing to bend to his will, though the insults have had little effect on the Fed’s financial policy.
Powell was Trump’s pick for the Federal Reserve during his first term in 2017, but he has already threatened to fire his former ally since taking office in January.
The most recent threat of retaliation came in April and rattled financial markets that rely on a split between the bank and the state.
The market wobble forced the president to back away from the idea and say that he had “no intention” of firing Powell before the end of his term in 2026.
The Supreme Court noted in May that the president has no legal basis to remove Powell from the position, but Trump has continued to vent about his appointee on Truth Social.
