UPDATE 2 - Trump says he will announce his Fed chair pick Friday

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By Diyar Guldogan

WASHINGTON (AA) - US President Donald Trump said he will announce his pick to replace Federal Reserve Chairman Jerome Powell on Friday.

"I'll be announcing the Fed Chair tomorrow morning," he told reporters at the Kennedy Center on Thursday.

Earlier, speaking at a Cabinet meeting, Trump said he would announce his pick next week.

"And it'll be a person that will, I think, do a good job," he said.

His remarks came after the Fed held its policy rate steady in a range between 3.5% and 3.75% on Wednesday, citing economic activity expanding at a “solid” pace.

Trump said Fed rates are "too high, unacceptably high."

"We should have the lowest interest rate anywhere in the world. They should be two points and even three points lower,” he said.

Powell’s term is set to end in May.