Trump urges next Federal Reserve chair to seek his opinion on interest rates

President Donald Trump expressed a desire Friday for the next Federal Reserve chairperson to seek his opinion on matters like interest rates, which is a point of contention between the president and current chair Jerome Powell. 

The president is expected to announce his choice to replace Powell, whose term ends in May, later this month, but told The Wall Street Journal that his two top choices are National Economic Council head Kevin Hassett and former Federal Reserve Board of Governors member Kevin Warsh. 

Trump said whoever he picks should get his insight on interest rates, highlighting how previous chairs used to seek the president's advice on the economy. 

“Typically, that’s not done anymore. It used to be done routinely. It should be done,” Trump told the outlet. “I don’t think he should do exactly what we say. But certainly we’re — I’m a smart voice and should be listened to.”

The president added that he would like to see interest rates at one percent or lower by this time next year. The current interest rate ranges from 3.5% to 3.75% as of Wednesday, making it the lowest it has been in nearly three years.

Trump has long stated that he would fire Powell if he could, but courts and experts have warned that he cannot do so without sufficient cause, which typically refers to severe misconduct or negligence, not policy disagreements.

Misty Severi is a news reporter for Just The News. You can follow her on X for more coverage.