Summary
President Donald Trump expressed his desire to appoint a new Federal Reserve chairman who agrees with his preference to keep interest rates low. He has criticized the current Fed chief Jerome Powell and is considering candidates who will align with his views. Trump emphasized that he wants the Fed chairman selection to support the US economy by cutting interest rates.
Key Facts
- President Trump wants the next Federal Reserve chairman to keep interest rates low and align with his views.
- Trump criticized current Fed chief Jerome Powell for not agreeing with his interest rate policies.
- Trump's remarks have raised concerns about the Federal Reserve's independence from political influence.
- The Federal Reserve has cut interest rates three times this year, now ranging between 3.5% and 3.75%.
- Trump mentioned that he believes interest rates should be as low as 1%.
- Lower interest rates make borrowing cheaper but can increase the risk of inflation if reduced too quickly.
- Kevin Hassett, a candidate to replace Powell, has worked closely with Trump and supports further rate cuts.
- The US economy grew by 4.3% from July to September, higher than expected, driven by consumer spending and exports.
