Trump chose Powell to lead the Fed in 2017 but this year has relentlessly assailed him for not cutting interest rates quickly enough. The Fed’s rate decisions, over time, influence borrowing costs throughout the economy, including for mortgages, car loans and credit cards. Elected officials, like Trump, often demand lower interest rates to juice growth and hiring, which can fuel higher prices. Trump also wants lower rates to boost moribund home sales, which have been held back partly by higher mortgage costs. Trump considered appointing Warsh as Fed chair during his first term, though ultimately he went with Powell.