Trump Wants Fed Chair Fired, Demands More Rate Cuts

President Donald Trump said on Monday he still wants to fire Jerome Powell, the Chair of the Federal Reserve. Powell's term ends in May. Trump has criticized Powell for months, but cannot legally remove him without cause. The president has often blamed the Fed for not cutting interest rates more aggressively. The central bank sets interest rates to control inflation and support the U.S. economy. Lower rates make borrowing cheaper, which can stimulate business and consumer spending. Trump stated that his next pick for Fed Chair must continue to cut rates. Several potential replacements have been discussed, but no decision has been announced. The remarks add to longstanding tensions between the White House and the independent Federal Reserve.