U.S. President Trump stated on the 9th that the interest rates set by the Federal Reserve are at least 3% too high.
He posted on the social media platform 'Truth Social' criticizing Federal Reserve Chairman Powell, saying that each percentage point of Powell’s interest rate causes the United States $360 billion (about RM15,299 billion) in additional refinancing costs each year.
According to a report from CNBC, Trump is considering appointing a “shadow chairman” for the Federal Reserve before Powell steps down next year, in order to put pressure on the Fed to force an interest rate cut.
The report said that due to President Trump’s increased intervention in monetary policy, the next Federal Reserve chairman will face extra challenges.