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Donald Trump tells Jay Powell to cut rates as data raises concern for US economy

US president says Federal Reserve has been too slow to lower borrowing costs in contrast to ECB

Donald Trump has called on Jay Powell, the Federal Reserve chair, to cut US interest rates, as new data showed weak private sector hiring and a contraction in the services sector, raising fears of an economic slowdown.

Trump launched his attack on the US central bank in a Truth Social post on Wednesday, where he compared it with the European Central Bank, which has been lowering interest rates this year while the Fed has kept them steady.

“ADP NUMBER OUT!!! “Too Late” Powell must now LOWER THE RATE. He is unbelievable!!! Europe has lowered NINE TIMES!” Trump wrote, referring to the private sector payroll numbers provided by Automatic Data Processing, a US company.

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