Trump wants interest rates down to 1% and would ‘love' Fed chairman Powell to resign
US President Donald Trump has said he wants interest rates to be cut to one per cent and that he would 'love' Federal Reserve chair Jerome Powell to resign.
Mr Trump added that he would pick a successor who wants to cut interest rates.
'I'd love him to resign if he wanted to. He's done a lousy job,' Mr Trump said of Mr Powell, speaking at an Oval Office event on Friday.
'If I think somebody's going to keep the rates where they are, or whatever, I'm not going to put them in.
'I'm going to put somebody that wants to cut rates. There are a lot of them out there,' he added.
Mr Trump's comments are the latest in a series of attacks on Mr Powell in recent months, increasing his pressure on the Federal Reserve chairman to lower interest rates.
Mr Powell so far has resisted and maintains that policy decisions will be data-dependent. The President has argued repeatedly that the central bank's policies are keeping government borrowing costs too high.
Mr Powell's term ends in May 2026 and Mr Trump is expected to nominate a successor in the coming months, according to Reuters.
The Fed last week kept interest rates unchanged between 4.25 and 4.50 per cent. It has not adjusted rates in its last four meetings, largely due to the uncertainty surrounding Mr Trump's tariffs.
Mr Powell last week said tariffs could either have a one-off or persistent effect on inflation. Asked by reporters why not cut interest rates this month, Mr Powell said he expected to see 'meaningful' inflation in the coming months.
The Central Bank of the UAE, which follows Fed decisions because of the dollar peg, also held rates steady following the US central bank's most recent decision.
The Fed has held rates steady after lowering them by 100 basis points to about 4.33 per cent last year. Its next two-day meeting is on July 29-30.
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We welcome the signing of the peace agreement between the Democratic Republic of the Congo and the Republic of Rwanda. This important achievement for Africa and international security has been made possible thanks to the decisive role of the United States and personally President Donald Trump, as well as a number of countries and international organizations. In particular, we commend the constructive efforts of the Presidents of Angola and Kenya, the African Union, the East African Community, the Southern African Development Community, and the United Nations. The State of Qatar has made a significant contribution to advancing the peace settlement, especially by ensuring complementarity and coherence among various mediation initiatives. Ukraine highly values the effective mediation by the United States. We congratulate U.S. Secretary of State Marco Rubio and American diplomacy on this achievement. The active involvement of the American side in the negotiation process played a decisive role in reaching and signing the peace agreement. We hope for the responsible efforts of both parties in implementing the peace agreement and in ensuring lasting peace and security in the Great Lakes region. This will create favourable conditions for strengthening the economic potential and social stability of the states in the region, improving their investment attractiveness, and deepening economic ties with other countries. Ukraine reaffirms its commitment to comprehensively intensify mutually beneficial cooperation with the countries of the region, including a readiness to contribute meaningfully to achieving their socio-economic development goals. We are confident that the United States can play a similarly decisive role in achieving a just peace and ending Russia's war of aggression against Ukraine. This peace agreement demonstrates that it is possible to stop the killing and restore peace even under challenging circumstances, when the international community acts resolutely and the parties participate in the peace process in good faith. We emphasize that the foundation of the peaceful settlement between the Democratic Republic of the Congo and the Republic of Rwanda is based on the fundamental principles of the UN Charter, including the mutual obligation of states to respect each other's territorial integrity and sovereignty within internationally recognized borders, to refrain from the threat or use of force, to avoid interference in internal affairs, and to facilitate the return of refugees and internally displaced persons. It is precisely these universally recognized principles of international law that underpin Ukraine's proposals for ending the war in Europe and restoring a comprehensive, just, and sustainable peace for Ukraine. Distributed by APO Group on behalf of Ministry of Foreign Affairs of Ukraine.
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