Trump Targets Fed Leadership for Substantial Interest Rate Cuts

U.S. President Donald Trump criticized Federal Reserve Chair Jerome Powell, attributing high interest rates to political motivations. Trump announced his intention to nominate Kevin Warsh to replace Powell, aiming for significant rate reductions.

In a bold move, U.S. President Donald Trump on Friday criticized the current Federal Reserve Chair Jerome Powell, accusing him of maintaining high interest rates for political reasons. Trump expressed his dissatisfaction and pointed out that the current chair is, in his words, 'very incompetent.'

Trump's comments came amid speculation about his new nomination for the Federal Reserve Chair. He expressed optimism about substantial reductions in interest rates once a new chair is in place.

Last month, Trump revealed plans to nominate Kevin Warsh as Powell's successor when Powell's term ends in May. The move indicates Trump's desire for a change in monetary policy direction.

(With inputs from agencies.)