President Donald Trump said Jerome Powell should “resign immediately” if allegations from an administration official that the Federal Reserve chair misled lawmakers prove true, while deepening his personal attacks against the head of the central bank over interest rate policy.

President Trump again said Jerome Powell should resign immediately, repeating a call he made last week, and noted that 'it’s OK with me' if Congress investigates the Federal Reserve chairman.

Speaking at a Cabinet meeting, Trump strongly criticised Powell, calling him unfit for the role. He said that if Powell gave false information to Congress, it would be reason enough for him to resign. Trump added that the country needs someone in the position who would lower interest rates.