The Fed has insisted all year that it’s not time to cut interest rates yet on account of tariff uncertainty. However, as Opening Bell Daily has maintained for several months, the labor market data justify lower rates, as do the five consecutive months of cooler-than-expected inflation reports.

The clock is also ticking on the idea, with just seven Fed meetings until Powell's term expires. Trump does have an opportunity to name a Fed governor in February, when the term of Adriana Kugler expires, but that would potentially add a dissenting voice only a couple of months before Powell's term as chair ends.

Federal Reserve Bank of Minneapolis President Neel Kashkari said he sees two interest-rate cuts as likely this year — with the first potentially in September — but warned that tariffs could have a delayed impact on inflation and policymakers should remain flexible.