Jerome Powell, the current Fed chairman, has not played ball with any of the president’s whims. This blueprint was laid out in a report written by Stephen Miran, Trump’s economic adviser, before the president took office. Trump and his advisors think a weaker dollar will help to revive factories by making made-in-America goods cheaper to buy overseas. Speculation about Trump’s pick for chairman has lately centred on Wall Street veteran Rick Rieder, a BlackRock executive who has criticised the Fed for pushing interest rates too high. If driving down the dollar serves to drive up borrowing costs, the Fed can intervene.