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.

Two Republicans are vying for the top chair at the Federal Reserve. Kevin Hassett, a Ph.D. economist who worked at the Fed in the 1990s, is a part of Trump’s inner circle.Kevin Warsh, former adviser to President George W.