Trump: interest rates should go down very substantially

Investing.com -- U.S. President Donald Trump reiterated Friday that he wants to see interest rates come down substantially, citing his nominee to lead the Federal Reserve.

Trump criticized current Fed Chair Jerome Powell during a briefing, calling him "very incompetent" and suggesting Powell maintains high interest rates for political reasons.

"We have a very incompetent Fed chairman who likes high interest rates - for political reasons he likes them - but we're going to have somebody very good, interest rates should go down very substantially," Trump said.

Last month, Trump announced plans to nominate Kevin Warsh to succeed Powell when his term as chair ends in May.

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