US President Donald Trump on Friday asked Federal Reserve Chair Jerome Powell to cut interest rates without delay, accusing the central bank chief of moving too slowly.

In a post on his Truth Social platform, Trump said Powell should act "IMMEDIATELY" rather than wait for the Federal Reserve's next scheduled policy meeting. This once again spotlights Trump's long-running criticism of the central bank's approach to monetary policy.

Trump's post read, "Where is the Federal Reserve Chairman, Jerome "Too Late" Powell, today? He should be dropping Interest Rates, IMMEDIATELY, not waiting for the next meeting!"

Notably, the next FOMC meeting is scheduled for March 17-18, when the Fed will decide on interest rate cuts. The FOMC holds eight regularly scheduled meetings during the year and other meetings as needed.

In its earlier meeting, held on January 27-28, the US Federal Reserve kept its key benchmark interest rates unchanged at 3.5 to 3.75 per cent, citing low job gains, signs of stabilisation in the labour market, and inflation that remains somewhat elevated.

In its policy statement released on January 28, the Federal Open Market Committee (FOMC) said, "In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 per cent."

Previously, On Jan. 30, Trump had again intensified his attacks on Jerome Powell, labeling current interest rates a threat to US national security and the economy. Arguing that inflation is over and borrowing costs are unnecessarily high.

Subsequently, on January 31, the President announced the nomination of Kevin Warsh as the successor to Jerome Powell as Federal Reserve chair.

In a post on his Truth Social platform, Trump said, "I am pleased to announce that I am nominating Kevin Warsh to be the CHAIRMAN OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM."
"I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best. On top of everything else, he is 'central casting,' and he will never let you down," Trump added.

Kevin Warsh is the former Governor of the US Federal Reserve. He was appointed to the Board of Governors of the US Federal Reserve and sworn in on February 24, 2006, serving until his departure from the Board on March 31, 2011. He also served on the board earlier in the George Bush administration.

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