Trump says to announce new Federal Reserve chair 'next week'

During a cabinet meeting, US President Donald Trump said Thursday that he will announce a new Federal Reserve chief next week to replace Jerome Powell, whom he has repeatedly criticized for not lowering interest rates more aggressively. Trump renewed criticism of the bank, saying interest rates were still "too high, unacceptably high."

Donald Trump, US President said  "We're going to be announcing the head of the Fed, who that will be. And it'll be a person that will, I think, do a good job. We're paying far too much interest in the Fed. The Fed rate's too high, unacceptably high. We should have the lowest."

 He lashed out at Powell, claiming the Fed chief was politically biased. Powell's term at the helm of the Fed ends in May, and Trump has been due to unveil his replacement ahead of this deadline.