On Friday, former President Donald Trump renewed his push for the Federal Reserve to cut interest rates, reacting swiftly to stronger-than-expected April job numbers.
“Just like I said, and we’re only in a TRANSITION STAGE, just getting started!!!” Trump posted enthusiastically on Truth Social just minutes after the release of the latest employment data.
“Consumers have been waiting for years to see pricing come down. NO INFLATION, THE FED SHOULD LOWER ITS RATE!!!” he added.
The Bureau of Labor Statistics reported that U.S. nonfarm payrolls grew by 177,000 in April, adjusted for seasonal factors. That figure surpassed economists' expectations of 133,000, although it fell short of the revised March gain of 185,000. Markets responded positively, with stock futures rising after the report.
Trump’s comments mark another attempt to influence the Fed’s interest rate policy—a move that continues to challenge the institution’s traditional independence from political pressure.
His post also reflects a notable shift in tone toward Fed Chair Jerome Powell. While Trump once publicly and frequently criticized Powell and even floated the idea of removing him from office, that rhetoric has softened recently.
In April, economic adviser Kevin Hassett confirmed that the Trump administration had explored legal options for firing Powell. However, Powell has consistently stated that the president does not have the authority to remove him before his term ends in May 2026.
Worries that Trump might seek to replace Powell with someone more politically aligned had previously rattled financial markets. On April 21, those concerns contributed to a sharp sell-off, with major indexes and the U.S. dollar declining significantly.
Since then, Trump has said he doesn’t plan to remove Powell, and his direct criticism has eased. Speaking at a rally in Michigan earlier this week, he remarked, “I have a Fed person who is not really doing a good job,” carefully avoiding Powell’s name.
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