The gulf between where the Federal Reserve projects interest rates will be by the end of 2026 and the more aggressive cutting financial markets expect by then is partly due to the expectation that U.S.

President Trump is getting closer to naming his replacement for Jerome Powell as his patience with the central bank chairman runs out.

Should Fed governors Waller and Bowman both lodge dissenting votes against a committee decision to hold rates steady next month, the tally would show an unusual level of discord.