President Donald Trump has intensified his criticism of Federal Reserve Chair Jerome Powell following a disappointing U.S. jobs report. In a Truth Social post on June 4, Trump wrote: "ADP NUMBER OUT!!! 'Too Late' Powell must now LOWER THE RATE. He is unbelievable!!! Europe has lowered NINE TIMES!"
The ADP report revealed that private sector employers added only 37,000 jobs in May, significantly below the expected 110,000 and marking the weakest performance since March 2023. This slowdown is attributed to high interest rates and uncertainties stemming from ongoing trade policies.
Despite Trump's calls for immediate rate cuts, the Federal Reserve has indicated that any policy adjustments will be data-dependent. Fed officials are awaiting more comprehensive economic indicators, including the upcoming official jobs report from the Labor Department, before making decisions on interest rates.
The Fed's next policy meeting is scheduled for June 17–18, with no immediate rate changes anticipated. However, the recent economic data has led to increased speculation about potential rate cuts later in the year.
Sources: nypost, foxbusiness, marketwatch, Forexlive
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