US President Donald Trump has said he wants interest rates to be cut to one per cent and that he would “love” Federal Reserve chair Jerome Powell to resign.
Mr Trump added that he would pick a successor who wants to cut interest rates.
“I’d love him to resign if he wanted to. He’s done a lousy job,” Mr Trump said of Mr Powell, speaking at an Oval Office event on Friday.
“If I think somebody’s going to keep the rates where they are, or whatever, I’m not going to put them in.
“I’m going to put somebody that wants to cut rates. There are a lot of them out there,” he added.
Mr Trump's comments are the latest in a series of attacks on Mr Powell in recent months, increasing his pressure on the Federal Reserve chairman to lower interest rates.
Mr Powell so far has resisted and maintains that policy decisions will be data-dependent. The President has argued repeatedly that the central bank's policies are keeping government borrowing costs too high.
Mr Powell's term ends in May 2026 and Mr Trump is expected to nominate a successor in the coming months, according to Reuters.
The Fed last week kept interest rates unchanged between 4.25 and 4.50 per cent. It has not adjusted rates in its last four meetings, largely due to the uncertainty surrounding Mr Trump's tariffs.
Mr Powell last week said tariffs could either have a one-off or persistent effect on inflation. Asked by reporters why not cut interest rates this month, Mr Powell said he expected to see “meaningful” inflation in the coming months.
The Central Bank of the UAE, which follows Fed decisions because of the dollar peg, also held rates steady following the US central bank's most recent decision.
The Fed has held rates steady after lowering them by 100 basis points to about 4.33 per cent last year. Its next two-day meeting is on July 29-30.
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RESULT
Manchester United 2 Burnley 2
Man United: Lingard (53', 90' 1)
Burnley: Barnes (3'), Defour (36')
Man of the Match: Jesse Lingard (Manchester United)
UAE currency: the story behind the money in your pockets
HAJJAN
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Evacuations to France hit by controversy
- Over 500 Gazans have been evacuated to France since November 2023
- Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
- The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
- Artists and researchers fall under a programme called Pause that began in 2017
- It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
- Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
- Unlike students, they are allowed to bring their families to France
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
UAE currency: the story behind the money in your pockets
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The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Moonfall
Director: Rolan Emmerich
Stars: Patrick Wilson, Halle Berry
Rating: 3/5
The nine articles of the 50-Year Charter
1. Dubai silk road
2. A geo-economic map for Dubai
3. First virtual commercial city
4. A central education file for every citizen
5. A doctor to every citizen
6. Free economic and creative zones in universities
7. Self-sufficiency in Dubai homes
8. Co-operative companies in various sectors
9: Annual growth in philanthropy
THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
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Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
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Shooting Ghosts: A U.S. Marine, a Combat Photographer, and Their Journey Back from War by Thomas J. Brennan and Finbarr O’Reilly
HIJRA
Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy
Director: Shahad Ameen
Rating: 3/5
