US President Donald Trump intends to nominate a new head of the US Federal Reserve System (Fed) next week.

Axar.az informs that Trump said this at a meeting at the White House.

"We will announce the chairman of the Fed next week. I think the person chosen will do a good job," he said.

The nomination of the Fed chairman is being confirmed by the US Senate.

Trump has repeatedly criticized the current chairman of the Fed, Jerome Powell, and said that he will work to remove him. According to the US leader, the Fed should consistently reduce the base interest rate.

According to him, the Fed did not do this intentionally to keep the US government's borrowing costs high. Powell has repeatedly stated that he does not intend to resign. His term ends in May 2026.