Trump muses about appointing himself to lead Federal Reserve in new attack on Powell

US President Donald Trump on Wednesday knocked Federal Reserve Chair Jerome Powell and said the man he put in the role during his last term had done a poor job, in comments made just hours before the central bank announced its decision to hold interest rates steady for a fourth consecutive time.

Trump, speaking to reporters at the White House, mused about appointing himself to lead the Fed, based on his dissatisfaction with Powell.

“Maybe I should go to the Fed,” Trump said. “Am I allowed to appoint myself at the Fed? I’d do a much better job than these people.”

On Wednesday, the central bank kept the benchmark lending rate at a range between 4.25 per cent and 4.50 per cent at the end of its two-day meeting, with officials penciling in two rate cuts this year, similar to earlier projections.

The Fed said in a statement that “uncertainty about the economic outlook has diminished but remains elevated”.

It cut its expectations for economic growth this year, and raised its inflation and unemployment forecasts in updated projections.