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.

"With a striking of the pen," the Federal Reserve can save the federal government at least $1T in interest rate payments, President Donald Trump said on Tuesday, repeating one of his beefs with Fed Chair Jerome Powell for holding rates unchanged since the start of the year.

Trump proposes cutting capital gains tax on home sales, contingent on Fed rate decisions, aiming to revive a tight housing market.