NEW YORK - US President Donald Trump on Friday confirmed that a decision on the next Federal Reserve chair would be revealed soon.

Speaking to reporters on Air Force One, Trump added that former Fed governor Kevin Warsh is "very highly thought of" regarding the post.

Trump lashed out at Fed Chair Jerome Powell again on Friday morning shortly after the release of the US nonfarm payroll report for May.

Trump labelled Power as "Mr. Too Late" and saw him as a "disaster" at the Fed. He urged Powell to cut interest rates by 1 percent.

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Interest rates for both long and short-term debt would be greatly reduced if Powell cuts, said Trump in a post on social media.

Trump asserted that there is virtually no inflation anymore and that Powell is costing the country a fortune. If inflation were to return, the Fed could raise rates to counter, said Trump.

Political interference could make it more difficult for the Fed to lower interest rates, according to St. Louis Fed President Alberto Musalem.

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Independence is important as it allows for "more anchored inflation expectations," said Musalem in an interview with the Financial Times published on Friday.

After taking office in 2018, Powell began his second term in 2022, which is set to run through May 2026.

The US president can nominate a candidate for a new Fed chair, but Senate confirmation is required, as stipulated in the Federal Reserve Act of 1913.

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Trump repeatedly threatened to fire Powell earlier this year but later stated that he didn't intend to do so.

Powell has previously stated that the president does not have the legal authority to dismiss a sitting Federal Reserve chair without "cause," a standard long understood to refer to misconduct rather than policy disagreements.