President Donald Trump’s pressure campaign against the Federal Reserve and Chair Jerome Powell to lower interest rates entered a new front this week.The latest line of attack comes from Office of Management and Budget Director Russell Vought,

The central bank remains cautious, even as calls for rate cuts grow louder from the White House and other policymakers.

Trump hopes to get lower rates by replacing Fed Chair Jerome Powell with someone who would do what the president wants. But Powell’s term as chair does not end until May 2026. He’s insisted he won’t resign early.

The right to freedom of speech allows Trump to make demands of the Fed to his heart's content. But legally, he cannot compel the central bank to lower its benchmark interest rate. The Fed has the right to act independently, and its aim is to promote a healthy and stable economy by keeping inflation in check.

U.S. President Donald Trump on Wednesday called on the Federal Reserve to lower the federal benchmark interest rate by at least 3 percentage points, renewing his call for the U.S. central bank to lower rates to help reduce the cost to service the nation's debt.

Kevin Warsh, the former Fed governor considered the most likely replacement for Jerome Powell to lead the Fed, on Monday night articulated his vision for policy. “Interest rates should be lower. The balance sheet should be smaller,

Federal Reserve Chief Jerome Powell said it is premature to lower interest rates, citing the potential impact of tariffs.

As he sought to recapture the White House in 2024, Donald Trump promised to "put a temporary cap on credit card interest rates at 10%." During his presidency, bipartisan lawmakers have introduced bills to cap credit card interest rates, but they've failed to advance.