Trump says he will announce new Fed Chair 'sometime next week'

President Trump revealed Thursday that he will be announcing his pick to chair the Federal Reserve “sometime next week.”  

“We are going to be announcing the head of the Fed, who that will be,” Trump said at his monthly Cabinet meeting at the White House. “It will be a person that will, I think, do a good job.” 

“We’re paying far too much interest in the Fed. The Fed rate is too high, unacceptably high,” he continued. 

The revelation comes as the president has slammed current Federal Reserve Chair Jerome Powell, whose term is up in May, for not lowering interest rates. 

“Jerome ‘Too Late’ Powell again refused to cut interest rates, even though he has absolutely no reason to keep them so high. He is hurting our Country, and its National Security,” Trump wrote in a lengthy Truth Social post earlier Thursday.

The Fed declined to cut interest rates Wednesday, opting to hold them steady amid the president’s pressure campaign. 

The Federal Open Market Committee voted 10-2 to keep its baseline interest rate range unchanged at 3.5 percent to 3.75 percent. 

The announcement on interest rates came after the Department of Justice launched a criminal investigation into Powell, which he has strongly pushed back on, including announcing the probe in a prerecorded video.

National Economic Council Director Kevin Hassett and former Fed board of governors member Kevin Warsh have been floated as two favorites for the job.