The Globe and Mail reports in its Friday edition that President Donald Trump aims for lower borrowing costs and expects his pick to replace Jerome Powell as chair of the Federal Reserve to focus on this. A New York Times dispatch to The Globe reports that divisions within the Fed over interest rate policies could complicate Mr. Trump's choice. The Fed voted Wednesday to cut interest rates by a quarter percentage point, marking the third consecutive cut since September, bringing rates to 3.5 per cent. However, the decision was not unanimous, with six out of 19 policy-makers opposed to the cut. New projections for interest rates released by the Fed also highlighted how little consensus there appears to be about additional cuts next year. Seven officials forecast none, while eight wanted at least half a percentage point's worth of cuts. Mr. Powell noted that the wide range of views is natural, given the Fed's conflicting goals of low inflation and a healthy labour market. However, this dispersion could pose a challenge for the next chair taking over in May. BNY Investments economist Vincent Reinhart says, "I take the embrace of the diversity of views on the committee right now as a warning shot to the next chair."