Donald Trump has said he will only pick a new Federal Reserve chair who will cut US interest rates, as he called on the central bank to slash borrowing costs to 1 per cent.
The president also renewed his attack on the current chair Jay Powell, describing him as a “stubborn mule” and saying he would “love him to resign if he wanted to”. Powell has said he will serve the duration of his term, which ends in May 2026.
“Whoever’s in there will lower rates,” Trump told reporters in the Oval Office on Friday, referring to his pick to replace Powell. “If I think someone is going to keep rates where they are I’m not going to put them in.”
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