US President Donald Trump said on Wednesday that the next chairman of the country’s Federal Reserve System will be someone who can cut interest rates “by a lot”.
Speaking from the Diplomatic Reception Room of the White House in an address to the nation, Trump also teased that he would soon announce a successor to current Fed chief Jerome Powell.
“I’m going to announce our next chairman of the Federal Reserve soon, someone who believes in lower interest rates, a lot, and mortgage payments are going to go down even more,” Trump said.
In his State of the Nation address Wednesday night, Trump touted his achievements on the economy and national security during the first year of his second term.
The Federal Open Market Committee (FOMC), led by Jerome Powell, cut benchmark interest rates for the third time in a row on December 10, bringing the federal funds rate to 3.50% – 3.75%. That’s the Fed’s lowest rate since 2022.
(This is a developing story. Check back for updates)
