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.

Jerome H. Powell, whose term does not expire until May, has argued that the central bank can afford to be patient about cutting interest rates amid uncertainty about the economic outlook.

President Donald Trump stepped up attacks on his handpicked Federal Reserve chairman on Wednesday, claiming Jerome Powell has “low IQ” and suggesting the list of potential replacements has been narrowed to three or four people.