Trump: If Waller raises interest rates early, there won't be much suspense in lowering rates

According to Phoenix Network, U.S. President Donald Trump stated that if Kevin Warsh had ever expressed a desire to raise interest rates, he would not have been nominated for the position of Federal Reserve Chairman.

"If he came in and said, 'I want to raise (rates),' then he wouldn't get the job, no," Trump said in an interview with NBC News on Wednesday.

Trump indicated that the Federal Reserve's interest rate cuts were "not much" of a suspense, as "our rates are too high," but now "we've become a wealthy nation."

When asked if Warsh understood that the president wanted him to lower the benchmark interest rate, Trump responded, "I think he understands, but I think he wanted to do that anyway."

Trump's remarks may be referenced during Warsh's confirmation process, and the independence of the Federal Reserve is likely to become a central issue in the confirmation process.

Republican Senator Thom Tillis of the Senate Banking Committee has vowed to block any nominee from Trump to the Federal Reserve until the Department of Justice concludes its investigation into the renovation of the Federal Reserve headquarters.

Outgoing Chairman Jerome Powell described the investigation as a nearly unabashed attack on the Federal Reserve's ability to independently decide monetary policy. Trump administration officials have denied this, but Trump himself has pressured Powell for months to cut rates.

Warsh, who previously served as a Federal Reserve governor, was known for his hawkish stance on inflation, but he has recently expressed support for interest rate cuts.