The president hasn’t named a successor to Jerome H. Powell, but his insistence on someone who will lower interest rates has already raised doubts about their credibility.

Trump demands that the Fed reduce rates by at least 3 points to save the US $360 billion a point. The Polymarket bets 95% that the Fed will ignore Trump’s demands this month. Trump considers naming a shadow chair until the current chair, Jerome Powell, leaves office next year.

President Trump says Fed rate cuts would save the government as much as $900 billion a year in interest payments on its debt. Is that fight?