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Trump Demands Fed Slash Rates After Weak ADP Job Report

Powell rejects political interference, vowing to base rate decisions solely on evolving economic indicators.

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Christine Lagarde, the ECB president, will hold a press conference at 1.45pm

Overview

  • President Trump took to Truth Social to urge immediate interest rate cuts after ADP reported only 37,000 private-sector jobs added in May, the lowest since March 2023.
  • The Labor Department’s nonfarm payrolls report due Friday is expected to show a gain of 125,000 jobs, a figure that could sway Fed deliberations.
  • Fed Chair Jerome Powell and other officials maintain that monetary policy decisions will hinge on incoming economic data and remain insulated from political pressure.
  • Federal Reserve officials signal they will keep interest rates steady at the June 17-18 meeting while monitoring the economic effects of Trump’s tariffs.
  • The European Central Bank has cut rates multiple times this year, highlighting a clear divergence between US and European monetary policy approaches.