US President Trump says decision on next Federal Reserve Chair will be announced soon

US President Donald Trump has said that a decision on the next Federal Reserve chair is currently pending and would be revealed soon. Read further on Dynamite News

Washington: US President Donald Trump has said that a decision on the next Federal Reserve chair is currently pending and would be revealed soon, reports Dynamite News correspondent.

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Speaking to reporters on Air Force One, Trump added that former Fed governor Kevin Warsh is "very highly thought of" regarding the post. Trump lashed out at the current Chairman Jerome Powell again on Friday morning shortly after the release of the US nonfarm payroll report for May.

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The POTUS' relations with Powell have been far from amicable, as he has launched a barrage of slurs against him, and labelled Powell as "Mr. Too Late", calling him a "disaster" at the Fed. He urged Powell to cut interest rates by 1%.

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Interest rates for both long and short-term debt would be greatly reduced if Powell cuts, said Trump in a post on social media. Trump asserted that there is virtually no inflation anymore and that Powell is costing the country a fortune. If inflation were to return, the Fed could raise rates to counter, said Trump.

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Political interference could make it more difficult for the Federal Reserve to lower interest rates, according to St. Louis Fed President Alberto Musalem. Independence is important as it allows for "more anchored inflation expectations," said Musalem in an interview with the Financial Times published on Friday.

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Trump repeatedly threatened to fire Powell earlier this year but later stated that he didn't intend to do so. In response, Powell had previously stated that the president does not have the legal authority to dismiss a sitting Federal Reserve chair without "cause," a standard long understood to refer to misconduct rather than policy disagreements.

Stay tuned to Dynamite News for further updates.

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