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Donald Trump has said he will only pick a new Federal Reserve chair who will cut US interest rates, as he called on the central bank to slash borrowing costs to 1 per cent.

The clock is also ticking on the idea, with just seven Fed meetings until Powell's term expires. Trump does have an opportunity to name a Fed governor in February, when the term of Adriana Kugler expires, but that would potentially add a dissenting voice only a couple of months before Powell's term as chair ends.