In fact, there’s a long history of presidents putting pressure on Fed chiefs to cut interest rates. But President Trump’s public harangues to fire Jerome Powell are unprecedented and could create more difficulties.

Trump has repeatedly urged Powell to cut the short-term interest rate that the central bank controls. The Fed typically reduces its rate during an economic downturn to encourage more borrowing and spending, and raises it to cool the economy and fight inflation when prices rise.

The Fed is currently neutral on interest rates but could resume cuts later this year. If you're house hunting, here's how that may—or may not—impact 2025 mortgage rates.