President Donald Trump was happy to see the Federal Reserve cut interest rates by 25 basis points this week, but wants to see further reductions in borrowing costs, White House spokeswoman Karoline Leavitt told reporters on Thursday.
"I know there was a quarter-point reduction this past week, and the president was pleased to see that, but he thinks more should be done," Leavitt said.
The U.S. central bank cut interest rates on Wednesday, but signaled borrowing costs are unlikely to drop further in the near term as it awaits clarity on the direction of the job market, inflation and the overall economy.
Trump has repeatedly criticized Fed Chair Jerome Powell for not cutting rates earlier and more aggressively. The president is interviewing candidates to replace Powell, whose term as head of the central bank ends in May.
Leavitt declined to say if Trump could make a decision on Powell's successor before Christmas, or to give any details about his conversations with candidates for the job. Trump last week said he would make a decision early next year.
Asked if the president expected his nominee to cut rates further, Leavitt told reporters, "I think the president has been quite clear about what he believes the Fed should be doing, which is lowering interest rates."
Trump told reporters on Wednesday he would be meeting with former Fed Governor Kevin Warsh later in the day. He has also identified White House economic adviser Kevin Hassett as a potential leader for the U.S. central bank.
Treasury Secretary Scott Bessent, who is leading the search effort, previously said the short list also included Fed Governor Christopher Waller and Fed Vice Chair of Supervision Michelle Bowman - both Trump appointees from the president's first term - as well as BlackRock's Rick Rieder.
Democratic Senator Elizabeth Warren, the top Democrat on the Senate Banking Committee, which must approve Fed nominees, on Thursday called Trump's top contenders to lead the Fed "sock puppets," singling out Hassett as someone who would not be able to maintain the central bank's independence.
Hassett, widely seen as the front-runner to succeed Powell, works directly for Trump as director of the National Economic Council.
Source: Investing.com
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