Trump has criticized Powell for months because the chair has kept the short-term interest rate the Fed controls at 4.3% this year, after cutting it three times last year. Powell says the Fed wants to see how the economy responds to Trump’s sweeping tariffs on imports, which Powell says could push up inflation.

Kevin Hassett's Trump-era makeover is fueling questions about the independence of the Federal Reserve as he emerges as a leading contender to succeed Jerome H. Powell as chair.