Trump names top pick for US central bank boss
Donald Trump has announced his pick for chairman of the US's central bank in a move that will influence monetary policy decisions for the world's largest economy.
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Taking to TruthSocial on Friday, Mr Trump confirmed he was nominating Kevin Warsh for the position.
The decision comes at a fraught time for current chair Jerome Powell who, earlier this month, released a video statement to say that he was being threatened by a criminal investigation under Mr Trump's administration.
Mr Powell, whose term ends in May, said the move related to testimony he gave about renovation projects at the Fed's office buildings.
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But he claimed that the threats were a "consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the president".
The statement prompted central bank bosses around the world, including the Bank of England's Andrew Bailey, to offer their support to Mr Powell and insist upon preserving the independence of the institution.
Writing on TruthSocial, Mr Trump said: “I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best.
“On top of everything else, he is ‘central casting,’ and he will never let you down. Congratulations Kevin!”
The pound was down by about 0.5% against the US dollar on Friday morning. The euro was also down by 0.4% against the US currency.