Donald Trump has again criticized Fed Chairman Jerome Powell, saying that interest rates should be lowered immediately. He called on the Fed's board of governors to take over if Powell refuses to change current policy. Trump's statements came after the Fed left rates unchanged, and Powell refrained from making specific forecasts for September at a press conference. Investors assume that only one rate cut may occur before the end of the year. Rate decisions are made by the Federal Open Market Committee (FOMC), where seven members of the Fed board and five presidents of regional banks vote. After the meeting, Trump intensified his criticism of Powell, accusing him of incorrect policies and ineffective management. Although he stated that he was considering firing Powell, he later clarified that he would wait for the end of his term in May. Treasury Secretary Scott Bessant suggested that Trump could announce Powell's successor before the end of the year, indicating the formation of a list of candidates. In January, a seat on the board of governors will become vacant, and if Powell leaves, another vacancy will appear, which may change the balance in favor of supporters of lower rates.
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