ISTANBUL 

US President Donald Trump said Thursday that he would not fire Federal Reserve Chairman Jerome Powell, whom he has repeatedly criticized for not lowering interest rates.

"I would like this guy to lower interest rates. If he doesn't, then we have to pay. We have a lot of short-term debt," he said at the White House.

Trump also called the Fed chair a "numbskull."

He argued that the US would save $600 billion annually if rates were lowered by two percentage points, but "we can't get this guy to do it."

“We’re going to spend $600 billion a year, $600 billion because of one numbskull that sits here and says 'I don't see enough reason to cut the rates'" he said.

Trump has time and again urged Powell to cut the policy rate, calling him "Too Late," "a fool" and "a major loser."

In the latest instance on Wednesday, Trump hailed the lower-than-expected annual and monthly inflation data, also recommending the Fed to lower interest rates to cut the cost of borrowing.

He even hinted that he was considering firing the Fed chair before his term's end, but he later said that he had "no intention" of firing Powell.

The Fed chair, however, did not back down from the central bank's stance of keeping the policy rate constant for the last five meetings.