Trump angry with the "leader" of US finance

"The ADP jobs report is out. Powell is 'slow' and has to cut interest rates now. Unbelievable," US President Donald Trump wrote on the social network Truth Social.

Mr. Trump also compared: "Europe has lowered interest rates 9 times already!".

Trump’s tweet came just minutes after the release of the US private sector jobs report, which showed that the number of new jobs created in May was just 37,000, the lowest since March 2023. This figure was only one-third of the Dow Jones forecast.

Analysts say Mr Trump wants to cut interest rates to mitigate the impact of slowing economic growth. However, Federal Reserve Chairman Jerome Powell is reluctant to cut interest rates early, fearing a spike in inflation.

In recent times, Mr. Trump has frequently pressured Mr. Powell to cut interest rates to stimulate economic growth.

Last week, Mr Trump met with Mr Powell at the White House to discuss the economy. The Fed confirmed the meeting in a press release, stressing that it did not discuss the future direction of monetary policy.

"Chair Powell did not discuss monetary policy projections. He simply emphasized that the path of policy will depend entirely on incoming economic data and their implications for the U.S. economic outlook," the Fed's statement stressed.

The statement also affirmed that Mr. Powell and his colleagues at the Fed remain committed to building monetary policy based on “careful, objective, and non- political analysis.”

Ông Trump nổi giận với người cầm trịch tài chính Mỹ - 1 — US President Donald Trump and Fed Chairman Jerome Powell (Photo: Reuters).

White House spokeswoman Karoline Leavitt said she and the president had read the Fed's statement and confirmed that the information was accurate. "The president said he believes the Fed Chairman is making a mistake by not lowering interest rates, which puts us at an economic disadvantage compared to China and other countries," Ms. Leavitt added.

Trump nominated Powell to be Fed chairman during his first term. But their relationship quickly deteriorated over differences in interest rates. Trump has repeatedly said he wants to replace Powell, although he has said he has no intention of firing him.

The Fed has kept its benchmark interest rate unchanged at 4.25-4.5% since January, after three consecutive adjustments last year. This has not pleased Mr. Trump. Fed officials have signaled that they may maintain this interest rate for a few more months to monitor the impact of Mr. Trump's import tax policy.

Amidst the uncertainty surrounding tax policy, financial markets also expect the Fed to keep interest rates unchanged until there is more clear data.

Source: https://dantri.com.vn/kinh-doanh/ong-trump-noi-gian-voi-nguoi-cam-trich-tai-chinh-my-20250604233701452.htm