President Donald Trump says he will announce a new Federal Reserve chair next week, criticising Jerome Powell for keeping interest rates ‘too high’.
WASHINGTON: President Donald Trump announced he will name a new Federal Reserve chair next week.
He made the comments at a cabinet meeting, aiming to replace current chair Jerome Powell whose term ends in May.
Trump has repeatedly criticised Powell for not lowering interest rates more aggressively.
He renewed that criticism on Thursday, calling Powell a “moron” and claiming the Fed chief was “politically biased”.
Trump said interest rates remain “too high, unacceptably high”.
“We should have the lowest interest rate anywhere in the world,” he added.
The president said his nominee would be “a person that will, I think, do a good job”.
Key contenders include former Fed official Kevin Warsh and current Fed governor Christopher Waller.
Other candidates are BlackRock’s Rick Rieder and Trump’s chief economic adviser Kevin Hassett.
The announcement follows a Fed decision to pause its series of rate cuts on Wednesday.
Policymakers opted to hold rates between 3.50% and 3.75%, citing solid economic growth.
Trump had earlier written on Truth Social that Powell had “absolutely no reason” to keep rates elevated.
The Department of Justice has separately launched a probe into Powell over renovation costs at the bank.
Trump also sought to oust Fed Governor Lisa Cook over the summer.
