Washington: Donald Trump, President of the United States, called for reducing the US interest rate to 1 percent, saying it would save the country hundreds of billions of dollars annually. He criticised Jerome Powell, Chair of the Federal Reserve, and said he hoped he would resign for refusing to lower the interest rate despite declining inflation.
According to Bahrain News Agency, in a post on Truth Social, Trump said that Powell's policies are causing major economic losses and that the US economy is facing a potential slowdown due to high interest rates, currently ranging between 4.25 and 4.5 percent.
Powell had previously said the Federal Reserve would continue monitoring economic data without rushing to lower interest rates. He also noted that the tariffs imposed by Trump could contribute to rising inflation, complicating the central bank's decisions.