President Donald Trump on Friday pushed the Federal Reserve to cut interest rates by a full point, pointing to Europe's rate cuts and taking a swipe at Federal Reserve Chairman Jerome Powell.
"'Too Late' at the Fed is a disaster! Europe has had 10 rate cuts, we have had none. Despite him, our Country is doing great. Go for a full point, Rocket Fuel!" Trump posted on his Truth Social account.
Trump's post follows a similar call on Wednesday when he pressed Powell to cut interest rates minutes after payroll company ADP reported having its lowest monthly private sector jobs numbers in several years, reports CNBC.
"ADP NUMBER OUT!!! 'Too Late' Powell must now LOWER THE RATE," Trump said in his post, adding that Powell is "unbelievable" and that "Europe has lowered NINE TIMES!"
Federal Reserve policymakers have said they believe higher inflation is more pressing than a slowing labor market, reports The Economic Times.
The Fed is expected to leave rates at their current 4.25% to 4.50% range during their upcoming meetings on June 17-18. Last month, the rates were not changed and, thus, have not shifted since December.
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Policymakers, citing worry about Trump's tariffs, have signaled they may not change the rates for a few more months.
White House press secretary Karoline Leavitt last week said that Trump "did say that he believes the Fed chair is making a mistake by not lowering interest rates, which is putting us at an economic disadvantage to China and other countries."
Sandy Fitzgerald ✉
Sandy Fitzgerald has more than three decades in journalism and serves as a general assignment writer for Newsmax covering news, media, and politics.
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