US President Donald Trump believes that he has the authority to replace Federal Reserve Chair Jerome Powell and demote him to be a board governor, but he isn’t planning to do so presently, Bloomberg reports.

Trump is pressuring the Fed to interest reduce rates, saying in October that the central bank had “gone crazy” under Powell, Bloomberg reported on Wednesday, citing people familiar with the matter.

The Fed on Wednesday said it was ready to battle growing global and domestic economic risks with interest rate cuts beginning as early as next month. The central bank left its benchmark interest rate unchanged for now.