President Donald Trump welcomed the Federal Reserve's 25 basis point interest rate cut this week, but believes more cuts are needed, White House Press Secretary Carolyn Levitt said.
"I know there was a quarter-point cut last week, and the President was pleased to see that, but he believes more needs to be done," Levitt told reporters on Thursday.
The president's statement came after the Federal Reserve implemented its latest rate cut on Wednesday, continuing the central bank's easing cycle. Trump has consistently advocated for lower interest rates throughout his previous and current terms in office.
Trump is widely expected to replace Fed Chairman Jerome Powell, and an announcement of a new Fed chairman is expected soon. White House Economic Adviser Kevin Hassett is considered the front-runner to replace Powell.