Investors, not the Fed, control the interest rates that matter most to businesses and consumers. They might demand higher returns if the central bank’s independence comes into question.

President Donald Trump has intensified his criticism of Federal Reserve Chairman Jerome Powell, aiming to replace him with someone who will lower interest rates.

U.S. President Donald Trump has criticized Federal Reserve Chair Jerome Powell for not lowering interest rates, although he stated he is not planning to fire him. Despite the lack of evidence, Trump raised issues with Powell's management of Fed renovations.