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.

In a renewed political maneuver, President Donald Trump targets Federal Reserve Chairman Jerome Powell over a costly renovation project. The $2.5 billion expenditure on the Fed's headquarters has become a focal point in Trump's demand for Powell's resignation and a push for lower interest rates,