ISTANBUL

US President Donald Trump again urged Fed Chair Jerome Powell to cut interest rates, calling him "Too Late," as employment data came in well below expectations in May.

"ADP NUMBER OUT!!! “Too Late” Powell must now LOWER THE RATE," Trump wrote on social media, referring to the Automatic Data Processing (ADP)'s non-farm job numbers.

"He is unbelievable!!!" he said about Jerome Powell, whom he repeatedly urged to slash the interest rate to boost economic growth.

"Europe has lowered NINE TIMES!" Trump added.

ADP's non-farm employment was at 37,000 in May, the lowest since March 2023.

The market expected it to come in at 111,000.

The US president has time and again urged Powell to cut the policy rate, calling him "Too Late", "a fool" and "a major loser."

Trump even hinted he was considering firing the Fed chair before his term's end, but he later said that he had "no intention" of firing Powell.

The Fed chair, however, did not back down from the central bank's stance of keeping the policy rate constant for the last five meetings.

Meanwhile, the European Central Bank is set to lower interest rates on Thursday as the market expects a 25 basis point rate cut after the eurozone's annual inflation eased to 1.9% in May, below the central bank's 2% target.​​​​​​​