Trump wants to replace Jerome Powell with a Fed chair who will do what he wants. But that still may not produce the steep cuts Wall Street is counting on.

There have been no indications from Powell that he plans to step down despite a barrage of criticism from the Trump administration.

President Donald Trump has escalated his pressure campaign against Federal Reserve Chair Jerome Powell, leaving the door open to ousting him for “fraud,” he said last week. That raises questions about what would happen if Trump actually tires to fire the central bank leader.

Federal Reserve Chair Jerome Powell on Tuesday didn't comment on the outlook for the economy or interest rates. In his brief remarks at the start of a conference at the central bank on large bank capital standards,

The Trump Administration is showing no sign that it will lessen its criticism of Federal Reserve chairman Jerome Powell, with Commerce Secretary Howard Lutnick saying that the Fed chairman was torturing the US.

Investors, not the Fed, control the interest rates that matter most to businesses and consumers. They might demand higher returns if the central bank’s independence comes into question.

Azoria CEO James Fishback explains how Federal Reserve Chair Jerome Powell 'lied' to Americans and lays out the 'core issue' of high interest rates for home ownership on 'Making Money.'

On July 29-30, the Federal Open Market Committee will announce its interest rate policy. Read about the rumors that Fed Chair Powell will not likely address.