Trump has been highly critical of Fed chair Powell for not cutting rates. Some see Trump's pressure campaign against the central bank chief as futile.

President Trump focuses on appointing a new Federal Reserve Chair who aligns with his goals to lower interest rates significantly. He has criticized current Chair Jerome Powell for maintaining high rates and aims to nominate a pro-cut successor,

Donald Trump has said he will only pick a new Federal Reserve chair who will cut US interest rates, as he called on the central bank to slash borrowing costs to 1 per cent.