Until then, Trump’s comments Thursday suggest he expects to regularly second-guess the Fed in public, despite a decades-long tradition among previous presidents of taking a hands-off approach to the central bank. Former president Joe Biden reappointed Powell, rather than replacing him, in a nod to central bank independence from politics.

At the Federal Reserve’s first meeting in 2025, consumers are going to want what Fed Chair Jerome Powell simply can’t give them: An answer to how much longer interest rates are going to stay high.

The president last week inserted himself into the debate over interest rates ahead of the central bank’s meeting this week.

The Fed will likely pause its rate cuts this week. After that, uncertainty over Trump's tariff, immigration plans make forecasting rates a dice roll.