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.

US President Donald Trump said on Wednesday that Jerome Powell, the chair of the Federal Reserve, should “resign immediately,” escalating an earlier call less than a week ago encouraging him to do so.

The US president is desperate to secure a higher rate of growth in the world's largest economy and is demanding the Federal Reserve get on board.