report : Trump believes he has the authority to demote Fed Chairman Jerome Powell

Trump pressured the Fed to cut interest rates, claiming in October that the central bank had "gone mad" under Powell.

U.S. President Donald Trump thinks he has the power to replace Federal Reserve Chairman Jerome Powell and remove him as governor-in-council, but does not plan to do so at this time, said Bloomberg on Wednesday, citing people close to the case.

Trump pressured the Fed to cut interest rates, claiming in October that the central bank had "gone mad" under Powell.

The Fed announced on Wednesday that it was ready to deal with growing economic risks at the global and national levels, with interest rate cuts starting next month. The central bank has left its policy rate unchanged for the time being.