Trump urges the Fed for another rate cut, saying that Powell is about to step down.

On the 22nd local time, President Trump of the United States announced that Federal Reserve Chairman Powell is about to step down. Trump claimed that the current interest rates are too high, which is affecting the housing market. He said that interest rates should be reduced by 3 percentage points, or even more. Since the beginning of this year, Trump has criticized Powell multiple times and threatened to dismiss him from his position as Federal Reserve Chairman in order to pressure the Fed to lower interest rates. Recently, the Trump administration has frequently mentioned the Fed spending $2.5 billion on renovating its office building and "overspending", further intensifying pressure on Powell.