In a post published on Truth Social on Wednesday, United States President Donald Trump called upon Federal Reserve (Fed) Chairman Jerome Powell to lower the policy rate.
“ADP NUMBER OUT!!! “Too Late” Powell must now LOWER THE RATE. He is unbelievable!!! Europe has lowered NINE TIMES,” Trump said.
Earlier in the day, the data published by Automatic Data Processing (ADP) showed that payrolls in the private sector rose by only 37,000 in May, marking the lowest reading since March 2023. This print missed the market expectation of 115,000 by a wide margin.
Market reaction
The US Dollar (USD) stays under bearish pressure in the early American session. As of writing, the USD Index was down 0.25% on the day at 99.00.
