Posted on 06/04/2025 7:06:02 AM PDT by thegagline
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.
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.
The ADP report comes two days before the more in-depth Labor Department's Bureau of Labor Statistics analysis, which drops on Friday.
There is no correlation between the ADP and BLS employment reports.
But Trump's social media anger comes as investors continue to raise worries about the independence of America's central bank from political intrusion.
The President has mounted a sustained pressure campaign, relying on personal attacks on Powell, to decrease the interest rates that have remained above four percent.
Fed officials have a joint mandate: to promote price stability and maximum employment.
Price stability has been a major weakness in the US economy, with consumer inflation reaching over nine percent in 2022 as supply chains rebooted after the Covid pandemic.
The Fed cut rates in September, November, and December 2024 to support employment after inflation had cooled.
(Excerpt) Read more at dailymail.co.uk ...
Just trying to help the deliberately obtuse God-awful level of ignorance on this board.
-PJ
Related update from DataRepublican (small r)...
https://x.com/DataRepublican/status/1935522113911455799
Long, so just posting the link.
Related...
https://x.com/JamesHartline/status/1935487394264027359
Holy moly.
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