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.
Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
Company profile
Date started: January, 2014
Founders: Mike Dawson, Varuna Singh, and Benita Rowe
Based: Dubai
Sector: Education technology
Size: Five employees
Investment: $100,000 from the ExpoLive Innovation Grant programme in 2018 and an initial $30,000 pre-seed investment from the Turn8 Accelerator in 2014. Most of the projects are government funded.
Partners/incubators: Turn8 Accelerator; In5 Innovation Centre; Expo Live Innovation Impact Grant Programme; Dubai Future Accelerators; FHI 360; VSO and Consult and Coach for a Cause (C3)
Feeding the thousands for iftar
Six industrial scale vats of 500litres each are used to cook the kanji or broth
Each vat contains kanji or porridge to feed 1,000 people
The rice porridge is poured into a 500ml plastic box
350 plastic tubs are placed in one container trolley
Each aluminium container trolley weighing 300kg is unloaded by a small crane fitted on a truck
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
MATCH INFO
Chelsea 4 (Mount 18',Werner 44', Hudson-Odoi 49', Havertz 85')
Morecambe 0
Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
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Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
