US President Donald Trump said on Tuesday that he would soon announce his choice of a new head of the FRS, and that interest rates would decrease under the new leadership of the central bank.
Speaking at a rally in Des Moines, Iowa, Trump said: "When we have a great Fed chairman, and I think we will have one. I'll announce it pretty soon... you will see that the rates will decrease significantly."
Fed Chairman Jerome Powell's term expires in May, and Trump is expected to announce his nominee to succeed Powell in the coming months.
The president has repeatedly called on Powell to sharply lower interest rates, arguing that the Fed is too slow to lower rates and weaken monetary conditions.
Trump continued to criticize Powell, calling him a "latecomer Powell" during his speech on Tuesday.
Trump's demands for lower rates reached a climax earlier this month, when Powell said he had been threatened with a criminal investigation by the Justice Department because of his unwillingness to lower rates.
Trump's pressure on Powell raised serious concerns about the independence of the central bank, which also triggered a sell-off of US bonds and the dollar.