On the 29th local time, U.S. President Donald Trump stated he will announce his nominee for the next Chair of the Federal Reserve next week.

Earlier that day, Trump criticized current Fed Chair Jerome Powell on social media for "once again refusing to cut interest rates," claiming that U.S. interest rates should be the lowest in the world.

Trump also asserted that the next Federal Reserve Chair will "do a good job," adding that the Fed's current interest rates are "unacceptably high."

The Federal Reserve concluded its two-day monetary policy meeting on the 28th, announcing it would keep the target range for the federal funds rate unchanged between 3.5% and 3.75%.

Powell was nominated for the Fed Chair position during Trump's first presidential term, taking office in February 2018; he was later renominated during the Biden administration, with his current term set to expire on May 15th of this year.

Trump has repeatedly publicly criticized Powell over the Federal Reserve's monetary policy and has threatened to remove him from his position.

According to U.S. statutory procedure, the Federal Reserve Chair is nominated by the President of the United States and assumes the position after confirmation by the Senate.