Trump's Renewed Pressure on Powell: A Call for Lower Interest Rates

U.S. President Donald Trump has intensified his calls for Federal Reserve Chair Jerome Powell to reduce interest rates, following reports of slowed job creation in May. Trump's ongoing criticism of Powell challenges the Federal Reserve's independence and raises concerns in financial markets.

U.S. President Donald Trump amplified his demands for Federal Reserve Chair Jerome Powell to cut interest rates, noting a slowdown in job creation as reported by payroll firm ADP. Trump's remarks came after ADP's data showed a far smaller increase in U.S. private payrolls than anticipated in May, with only 37,000 new jobs added compared to forecasts of 110,000.

Trump expressed dissatisfaction on Truth Social, highlighting, 'Too Late' Powell must now lower the rate, drawing a comparison to Europe, which he said has lowered rates nine times. This critique follows a downward revision of previous employment gains, adding to the pressure on Powell.

The ADP figures precede the Labor Department's Bureau of Labor Statistics' comprehensive employment report, expected Friday. Despite months of personal attacks aimed at Powell, Trump stated he would not remove the Fed chair before his term concludes in 2026, but these comments continue to stir debate over the Federal Reserve's independence under Trump's administration.

(With inputs from agencies.)