Trump has been highly critical of Fed chair Powell for not cutting rates. Some see Trump's pressure campaign against the central bank chief as futile.

U.S. President Donald Trump said on Friday he would "love" if Federal Reserve Chair Jerome Powell were to resign, and the president also said he wanted interest rates cut to 1%. KEY QUOTES "I'd love him to resign if he wanted to,

Donald Trump has said he will only pick a new Federal Reserve chair who will cut US interest rates, as he called on the central bank to slash borrowing costs to 1 per cent.