Trump: Interest rates should be cut substantially

2026-02-20 21:04:20

Investing.com – U.S. President Donald Trump reiterated on Friday that he wants to see a significant cut in interest rates and mentioned his nominee for Federal Reserve Chair.

Trump criticized current Fed Chair Jerome Powell at the briefing, calling him “incompetent” and implying that Powell is maintaining high interest rates for political reasons.

“We have a very incompetent Fed Chair, he likes high interest rates—he likes high rates for political reasons—but we will have a very excellent candidate, and interest rates should be cut substantially,” Trump said.

Last month, Trump announced plans to nominate Kevin Waugh to succeed Powell after his term as Chair ends in May.

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