Mubasher: US President Donald Trump on Wednesday lashed out at the Federal Reserve chairman, Jerome Powell, urging the central bank to cut interest rates, according to Fox Business.

President Trump said that Powell was doing a “bad job” in his management of the monetary policy, at the time countries like China are boosting their economies.

“He has to lower interest rates for us to compete with China” so the US can compete on an even “level playing field,” as Beijing devalue the national currency, Trump told Fox.

The Fed started gradually to raise interest rates in 2015 as the jobless rate dropped to its lowest level since decades.

However, the central bank halted its rate-hike cycle this year, as worries mounted that the US economy was being dragged down by a global slowdown and escalating trade conflict.

Last week, the Fed hinted that rate cuts could be needed this year.

Trump denied again suggesting to demote or remove Powell, who had been the target of the US president’s repeated criticism, despite his belief that he had the right to take such action.

Nevertheless, Powell stated last week his intention to serve his full four-year term, saying the “the law is clear” in this respect.

While the Federal Reserve Act protect Fed governors from removal by the president, except “for cause,” a disagreement over monetary policy does not constitute a valid one.