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Donald Trump piles pressure on Federal Reserve chair Jay Powell to cut interest rates

US central bank widely expected to hold borrowing costs steady at meeting next week

Donald Trump has raised the pressure on Federal Reserve chair Jay Powell to cut borrowing costs, setting up a potential clash between the two men less than a week before the US central bank meets to set interest rates.

During an appearance in the Oval Office on Thursday to sign several new executive orders, Trump said he knew rates “much better” than the Fed, and he would like to see them come down “a lot”. 

The US central bank is widely expected to hold its benchmark rate between 4.25-4.5 per cent next week, marking a pause after three consecutive cuts since September.

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