Donald Trump called on top Federal Reserve officials to seize control from its chair Jerome Powell if he fails to cut interest rates, stepping up his extraordinary attacks on the central bank’s independence.

The US president called Powell “a stubborn MORON” in a series of critical social media posts on Friday, days after the Fed held rates steady for the fifth consecutive time.

It comes as Trump faces heightened questions over the impact of his aggressive economic policy, and the White House presses forward with plans for a fresh wave of tariffs next week.

Hours before the federal government released data which underlined a significant deterioration in the jobs market, Trump again