In a fiery post on Truth Social, President Donald Trump reignited his long-standing feud with Federal Reserve Chair Jerome Powell, calling for immediate interest rate cuts just minutes after the release of disappointing U.S. job data.

The private payrolls report from ADP on Wednesday revealed a mere 37,000 jobs added in May—well below the 110,000 forecast by Dow Jones and marking the weakest reading since March 2023. The news sent Trump into a familiar tirade, writing: “ADP NUMBER OUT!!! ‘Too Late’ Powell must now LOWER THE RATE. He is unbelievable!!!”

Trump accused Powell of acting too slowly and claimed the U.S. economy is now at a disadvantage compared to Europe, where the European Central Bank has lowered rates eight times since June 2023. “Europe has lowered NINE TIMES!” he emphasized, underscoring his frustration with the Fed’s decision to keep borrowing costs elevated amid signs of cooling economic activity.

The timing of Trump’s comments is notable, coming just two days ahead of the more influential U.S. nonfarm payrolls report from the Bureau of Labor Statistics. While the ADP and BLS data sets often differ due to distinct methodologies, both are viewed as key indicators of labor market health. Economists are expecting the upcoming BLS report to show a gain of around 125,000 jobs.

Adding to the tension, Trump and Powell reportedly met privately at the White House last week. While the details were not fully disclosed, sources on both sides described the meeting as confrontational. According to White House press secretary Karoline Leavitt, Trump warned Powell that maintaining high rates was “a mistake” and claimed it was weakening the U.S. economy against competitors like China. The Fed, in contrast, reaffirmed its commitment to data-driven decision-making and maintaining independence from political pressure.

Since returning to office, Trump has repeatedly criticized Powell, even giving him the nickname “Too Late” to reflect what he sees as delayed action on rate cuts. Although Trump floated the idea of removing Powell from his post, he later backed off, saying in April he had “no intention” of firing the Fed chair—though his public criticisms have continued.

Meanwhile, the European Central Bank is widely expected to cut rates again on Thursday, citing slowing inflation and stagnant growth across the eurozone. This has added to Trump’s argument that the U.S. is falling behind globally by keeping monetary policy tight, especially as geopolitical uncertainty—fueled in part by trade tensions—continues to cloud the global economic outlook.

Trump’s latest remarks once again place the Fed at the center of a political and economic tug-of-war, as the central bank balances inflation concerns with growing signs of labor market weakness and international policy divergence.

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