‘Paying too much interest’: Trump to announce Fed chair nominee next week, replacing Jerome Powell

US President Donald Trump said on Thursday that he will announce his nominee for the next Federal Reserve chair next week. The new chair will replace Jerome Powell, whose term ends later this year.Trump shared the timeline during a Cabinet meeting with his secretaries. “It’ll be a person that will do, I think, do a good job,” Trump said. “We’re paying far too much interest in the Fed. The Fed rate is too high, unacceptably high.” Trump has said he is considering four people for the role. They are Kevin Hassett, director of the National Economic Council; Christopher Waller, a member of the Federal Reserve Board; former Federal Reserve Governor Kevin Warsh; and Rick Rieder, head of fixed income at BlackRock.Since returning to the White House, Trump has repeatedly criticised Powell. He has pushed for lower interest rates and said the current rates are hurting the economy.