Powell has said politics don't play a part in Fed rate decisions. He and his colleagues have held the key overnight borrowing rate in place since December, though markets largely expect a cut is on the way not at the Fed's July meeting, but in September.

According to CBS News, President Trump’s potential picks for the role include critics of the current Fed approach. A new chair could bring sharp changes to borrowing costs or investment returns. Consider what’s at stake. If the next chair pushes for lower rates, homebuyers may benefit. But savers enjoying high yields could lose ground.

In a response to Fortune, Federal Reserve Bank of St. Louis President Alberto Musalem defended the Fed's autonomy, citing global evidence that independent central banks deliver stronger inflation and employment outcomes.

The debate over how and when the tariffs will affect prices has divided central bank policymakers over the trajectory for interest rates.

White House budget director Russell Vought is suggesting that Federal Reserve Chair Jerome Powell is in violation of government building rules in the renovation of the Fed’s headquarters.

U.S. stocks are higher as investors eye President Donald Trump's next tariff moves and await minutes from the last Federal Reserve policy meeting.

But their presence made a lot more sense when the new commissioners spoke up — and promptly took aim at one of Trump’s political foes, Federal Reserve Chair Jerome Powell. Powell has resisted Trump’s demands to lower interest rates.

The White House accuses the Fed chair of potentially "violating the law" in his renovation of the central bank's Washington, D.C., headquarters.