Trump wants to replace Jerome Powell with a Fed chair who will do what he wants. But that still may not produce the steep cuts Wall Street is counting on.

Federal Reserve Gov. Christopher Waller on Thursday called for the central bank to cut interest rates in July. Waller said

Fed Chair Jerome Powell stays silent on the central bank's monetary policy and interest rate cut decisions in today's meeting.

The likelihood of a rate cut in July is low, but at least one member of the Federal Open Market Committee is advocating for one.

With the Fed's Open Market Committee meeting next week, the CME Group's FedWatch Tool is projecting the Fed will continue to hold the Federal Funds Rate in a target range of 4.25-4.50% until its 17 September (2025-Q3) meeting, when it is expected to cut the rate by a quarter percent.

Investing.com - The Federal Reserve is not projected to slash interest rates this year, analysts at BofA Securities predicted, partly citing internal forecasts for a more gradual uptick in the U.S. unemployment rate in the months ahead.

Federal Reserve Governor Christopher Waller said on Thursday he continues to believe the U.S. central bank should cut interest rates at the end of this month amid mounting risks to the economy and the strong likelihood that tariff-induced inflation will not drive a persistent rise in price pressures.

Explore how the U-shaped yield curve, Treasury rates, and inflation trends align with Trump's rate cut call, offering insights for short-term investments.

The Bureau of Labor Statistics on Tuesday released June inflation data, showing prices increased from the prior month. Hours later, President Trump called on the Fed to lower rates.

On July 22nd, Jerome Powell, the Fed chair, responded to questions on Trump tariffs, calling it 'uncertain,' noting that possible developments could significantly alter many aspects of the upcoming economic outlook. He reiterated that interest rate decisions are highly data dependent.