Trump’s pick for Fed chair is already on track to disappoint him

The next chair of the Federal Reserve might already be a disappointment to President Donald Trump – even before they’re named.

Trump has demanded aggressive cuts to interest rates next year, but that’s looking more and more like an uphill battle: On Wednesday, as Trump interviewed former Fed Governor Kevin Warsh for the top job at the central bank, Fed officials penciled in just one rate cut in 2026.