A divided Federal Reserve cut interest rates last month even as policymakers cautioned that lower borrowing costs could risk undermining the fight to quell inflation that has been above the U.S. central bank's 2% target for four and a half years,

President Trump said he may have decided who he wants to select to be the next chair of the Federal Reserve. “I think I already know my choice,” Trump told reporters in the Oval Office. But Trump didn’t reveal who he would choose.