Since the start of his second term, President Donald Trump has waged a fierce campaign to impose his will on the Federal Reserve, breaking with the modern convention of walling off the US central bank from political interference, at least publicly. He sought to pressure Jerome Powell, the Fed chairman Trump appointed during his first presidential term, to cut interest rates. And he has attempted to push another Fed governor, Lisa Cook, from her job.
While Trump’s public complaints briefly subsided after Powell’s Trump-appointed successor, Kevin Warsh, became chair, there have been clear signs that the president has maintained his focus on the Fed. In early August, news emerged that Trump periodically made phone calls to Warsh. Trump also has continued to bring up his desire to see the Fed cut interest rates. And Trump has revived his threat to fire Cook over unproven allegations of mortgage fraud.