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"I'll be announcing a new Fed chairman in the not just future. I think he'll do a very good job," Trump said at the World Economic Forum (WEF) in Davos, Switzerland.
He renewed his long-running criticism of Powell, accusing him of acting too slowly on interest rate decisions.
"We have a terrible chairman right now, Jerome, too late Powell, he's always too late, and he's very late with interest rates, except before the election, he was just fine the other side.
"We were going to have somebody that's great, and we hope he does the right job," he said.
Trump criticized interest rate policies, arguing that higher rates undermine economic success and dampen stock market gains.
"Some of these stupid people, like Powell, they raise interest rates, and what they do is they stop you from being successful. It used to be when we had a great quarter, a great month, great earnings, great anything, any good news. The stock market went up. That's the way it's going to be. We’ve got to do that again," he said.
Powell’s term is set to end in May.
