Trump’s Path to Rate Cuts Likely Requires a Full Fed Board Overhaul, Economists Say

Firing Powell May Not Deliver the Cuts Trump Wants President Donald Trump’s repeated public jabs at Federal Reserve Chair Jerome Powell have reignited speculation that the White House may seek to oust the central bank chief. But according to a growing number of economists, even a successful attempt to remove Powell wouldn’t be sufficient to steer monetary policy in the president’s preferred direction—namely, toward lower interest rates. Dual Role, Limited Leverage Jerome Powell currently holds dual roles as Chair of both the Fed Board of Governors and the Federal Open Market Committee (FOMC), the body responsible for setting interest rates. But experts warn that simply replacing Powell may do little to reshape the direction of U.S. monetary policy unless the…