Last year, Trump suggested the U.S. president should have "at least" a say over setting interest rates, something that would end the Fed’s independence, though Powell has vowed to serve out his term, which is due to end in 2026, and Trump has said he doesn’t plan on attempting to fire Powell.

President Donald Trump called for lower interest rates, seeking to raise pressure on the Federal Reserve as he moves to implement a second-term economic agenda high on tariffs and expanding tax breaks.

The Fed faces complex decisions as it decides how quickly to cut rates or whether to raise them amid Trump's tariffs and immigration crackdown.