Federal Reserve Chair Jerome H. Powell is resisting President Donald Trump’s calls for lower interest rates, saying the Fed should not take debt and deficits into account.

Trump hopes to get lower rates by replacing Fed Chair Jerome Powell with someone who would do what the president wants. But Powell’s term as chair does not end until May 2026. He’s insisted he won’t resign early.

Donald Trump is narrowing down his short list of possible successors to Federal Reserve Chairman Jerome Powell, as he resists the president’s very public calls to cut interest rates. The top contenders include two Kevins,