[Federal Reserve Chair Candidate Rick Rieder: Supports Cutting Interest Rates to 3%] Odaily Planet Daily News – Rick Rieder, BlackRock's Global Chief Investment Officer of Fixed Income, is a potential successor to Federal Reserve Chair Jerome Powell. It is reported that he will meet with U.S. President Trump for an interview on Thursday. On this occasion, Rieder reiterated his support for lowering the U.S. benchmark interest rate to 3%, a level that would mark the lowest in more than three years. In a CNBC interview aired on Monday, Rieder stated that he has been consistently advocating for interest rates to be reduced to 3% for several months. On Monday, he once again expressed his support for this move, which would lower borrowing costs by at least 50 basis points (i.e., 0.5 percentage points) from the current level. After the Federal Reserve cut interest rates by 25 basis points last December, the current federal funds rate target range stands at 3.5%–3.75%. 'I believe the Federal Reserve does have some room for policy maneuvering,' Rieder said. 'For many months now, my stance has been very clear. The Fed must lower interest rates, and I don’t think it needs to be a significant cut—3% is sufficient, which is closer to the neutral rate.' The neutral rate is a theoretical level of borrowing costs that is neither stimulative nor restrictive, allowing the U.S. economy to operate smoothly.