WASHINGTON, Jan 30 (Bernama-dpa) -- US President Donald Trump has said that he plans to announce his preferred candidate to replace US Federal Reserve Chairman Jerome Powell, who has fallen out of favour with him, next week, German Press Agency (dpa) reported.
Trump said during a Cabinet meeting in Washington on Thursday that this person would do a good job.
Powell's term as head of the Federal Reserve is set to end in May 2026.
The Federal Reserve chair is nominated by the US president and then approved by the Senate in the US Congress.
Trump has subjected Powell to insults because he thinks the Federal Reserve is not lowering the US interest rate quickly enough.
The central bank is independent by law.
--BERNAMA-dpa
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