Trump says he will announce his Fed chair pick next week

WASHINGTON

US President Donald Trump said Thursday he will announce his pick to lead the Federal Reserve to replace Chair Jerome Powell next week.

"We're going to be announcing next week," Trump said at a Cabinet meeting.

"And it'll be a person that will, I think, do a good job."

His remarks came after the Fed held the policy rate steady at a target range of 3.5% - 3.75% on Wednesday, citing economic activity expanding at a “solid” pace.

Trump said Fed rates are "too high, unacceptably high."

"We should have the lowest interest rate anywhere in the world. They should be two points and even three points lower,” he said.

Powell’s term is set to end in May.