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.

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?

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.