Trump clearly stated that the next chairman of the Federal Reserve must believe in 'significant interest rate cuts' and will soon announce the candidate. He called for lowering the interest rate to the crisis level of 1% and believes that the next chairman should consult with him regarding interest rate settings. This article is sourced from a piece written by Wall Street Journal, compiled, translated, and authored by Foresight News. (Background: Trump names Kevin Warsh as the 'preferred' choice for the next chairman of the Federal Reserve, while Kevin Hassett's chances dropped by 30%) (Supplementary background: Trump: Interest rate cuts are the touchstone for the Federal Reserve chairman, and may adjust tariffs to lower the prices of some goods) On Wednesday, U.S. President Trump clearly stated in a national address that the next Federal Reserve chairman must be someone who believes in 'significant interest rate cuts' and promised to announce this key appointment decision soon. This statement again highlights Trump's dissatisfaction with the current monetary policy and his intention to influence the independence of the Federal Reserve. Trump stated in his speech: 'I will announce our next Federal Reserve chairman very soon, this person believes in significantly lowering interest rates, and mortgage rates will further decline.' The current Federal Reserve's benchmark interest rate range is 3.5%-3.75%, while Trump had previously called for lowering the rate to the 'crisis level' of 1%. Last week, Trump revealed in an interview with the Wall Street Journal that he is inclined to choose former Federal Reserve governor Kevin Warsh or White House economic advisor Kevin Hassett to serve as chairman. More noteworthy is that Trump clearly stated that the next Federal Reserve chairman should consult with him regarding interest rate settings, breaking the traditional practice of presidents not interfering in interest rate decisions. Three candidates support interest rate cuts, but to varying degrees. The known finalists include White House economic advisor Kevin Hassett, former Federal Reserve governor Kevin Warsh, and current Federal Reserve governor Christopher Waller. All three advocate for interest rates to be lower than the current level. However, none of the candidates have explicitly stated they would push the Federal Reserve to lower rates to the levels Trump demands. Trump has called for lowering rates to the crisis level of 1% in some cases, but even his latest appointee, governor Stephen Moore, does not advocate for rates to be set that low. On Wednesday, Trump continued interviewing candidates and met with Waller. Waller is among the current Federal Reserve policymakers who advocated for interest rate cuts earlier, but he is also a staunch defender of the Federal Reserve's independence. According to previous articles from Wall Street Journal, Waller stated on Wednesday that as the job market weakens and inflation is controlled, the Federal Reserve still has room to cut rates by 50 to 100 basis points, but there is no rush to act, and the rates will be guided to a neutral level in a steady and gradual manner. He believes that since there is no cliff-like decline in employment and inflation expectations are stable, it provides conditions for moderate interest rate cuts, and the Federal Reserve will maintain a balance between steady growth and controlled inflation. Trump calls for the Federal Reserve chairman to consult with him on rate decisions. Last week, Trump told the Wall Street Journal that he believes the next Federal Reserve chairman should consult with him regarding interest rate settings. This demand deviates from the traditional practice of presidents leaving interest rate decision-making to the Federal Reserve. 'Normally, this practice is no longer followed. But in the past, it was routine, and it should be done now,' Trump said. 'This does not mean — I do not think he should do everything we say. But we indeed are, I am a smart voice that should be heard.' This statement raised concerns about the independence of the Federal Reserve. The independence of the Federal Reserve is seen as a key factor in maintaining the effectiveness of monetary policy and market confidence. Hassett previously stated that if chosen to lead the Federal Reserve, he would consider the president's policy opinions, but the central bank's interest rate decisions would remain independent. Hassett explicitly refuted the notion that the president's opinions carry equal weight with FOMC voting members. He stated that policymakers can freely reject the president's opinions and 'vote differently.' Hassett said, 'He won't have any weight. Just, if his opinion is good and based on data, then his opinion is very important.' The impact of interest rate cuts on mortgage rates is limited. Trump has repeatedly expressed a desire to lower mortgage rates, but the interest rates controlled by the Federal Reserve have a limited impact on long-term borrowing costs. Mortgage rates are more influenced by long-term rates, such as the yield on 10-year U.S. Treasury bonds, which the Federal Reserve has less influence over. The yield on 10-year U.S. Treasuries is primarily driven by investors' expectations for U.S. economic growth and inflation, and has not changed much overall in the past year. Since Labor Day, mortgage rates have remained in the range of 6.3%-6.4%, with almost no signs of decline. This means that even if the Federal Reserve drastically cuts rates as Trump requests, it may not fulfill its political promise of lowering mortgage costs. Related reports: "2026 Global Central Bank Divergence: Europe, Australia, Canada May Shift to Rate Hikes, and the Federal Reserve Becomes One of the Few to Cut Rates?" "Stablecoins are just 'digital transit cards'? A cognitive operation that could kill Taiwan's crypto future" Pantera Capital: Why we invest in Worldcoin? "Trump: The next Federal Reserve chairman must be a 'super dove' and should regularly consult with me on interest rates, has Fed independence been destroyed?" This article was first published on BlockTempo (the most influential blockchain news media).