On Friday, U.S. President Donald Trump announced that a decision regarding the next head of the U.S. Federal Reserve (Fed) will be revealed shortly.
“We will share it very soon,” Trump stated to reporters traveling with him on Air Force One, suggesting that an effective Fed chair would lower interest rates.
When asked specifically about Kevin Wear, who served on the Fed board from 2006 to 2011, Trump noted that he is “highly regarded.” Wear is reportedly a strong candidate for the position of the next Fed chairman.
During his comments on Friday, Trump reiterated his belief that the U.S. central bank should reduce interest rates by one point, criticizing current Fed chair Jerome Powell for being slow to lower borrowing costs.
Last week, Trump confronted Powell directly, telling him he had made a “mistake” by not cutting interest rates sooner.
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