Last year, Trump suggested the U.S. president should have "at least" a say over setting interest rates, something that would end the Fed’s independence, though Powell has vowed to serve out his term, which is due to end in 2026, and Trump has said he doesn’t plan on attempting to fire Powell.

FOX Business correspondent Grady Trimble reports on how President Donald Trump is calling on the Fed to lower interest rates on ‘Special Report.’