The Federal Reserve is expected to lower its benchmark rate by a quarter percentage point at its meeting this week .

The move would mark the Fed's third consecutive rate reduction this year, following the September and October cuts , bringing the federal funds rate to a range of 3.50%-3.75%.

President Donald Trump has been sharply critical of Fed Chair Jerome Powell , arguing that rates should be significantly lower. Trump has also said he knows who he intends to choose to succeed Powell, with National Economic Council Director Kevin Hassett considered to be the front-runner.

If appointed, Hassett would take over a Fed that is currently torn between officials who think additional rate cuts are warranted and those who are reluctant to ease monetary policy further.

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