Hassett said Powell’s continued role as a Fed governor could influence rate cuts, while Trump said he only wants to ensure Waller can become chairman.

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On Thursday, White House adviser Hassett stated that if Powell remains as a Federal Reserve governor after his term as Fed Chairman expires in May, it may affect President Trump's push for interest rate cuts. Powell should leave the Fed.

Hassett also said that Kevin Warsh, the nominee for Fed Chairman, has not made any guarantees regarding Trump's request for rate cuts; he will make decisions based on data.

Hassett said a rate hike by the Fed or the European Central Bank would be a mistake. Central bank officials in the U.S. and Europe should refrain from tightening monetary policy out of concern that soaring energy costs could trigger inflation. After the opening of the Strait of Hormuz, the influx of oil supply into the market will be "unprecedented." Futures markets expect oil prices to drop sharply.

On the same day, Trump said he doesn't care whether Powell stays on as a Fed governor after his term as Fed Chairman expires; he only wants to ensure that Kevin Warsh becomes Fed Chairman.

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