The confrontation between former U.S. President Donald Trump and Federal Reserve Chair Jerome Powell is renewed in a scene that seems likely to repeat itself if Trump returns to the White House. Trump has never hidden his fierce criticisms of Powell's monetary policies, particularly regarding interest rates, accusing him of slowing down economic growth during his presidency. In contrast, Powell insists on the independence of the Federal Reserve, emphasizing that his decisions are based on scientific criteria aimed at achieving financial stability and combating inflation, away from any political pressures. However, Trump, who sees interest rate cuts as the key to stimulating the economy and markets, believes that presidential intervention is necessary to steer monetary policy in the interest of the people – as he sees it. With the increasing likelihood of Trump's candidacy in the upcoming elections, questions return: Will he oust Powell if he wins? Will monetary policy become a purely political tool? In this context, markets stand between optimism for interest rate cuts and fears of undermining investors' confidence in the independence of the Federal Reserve. The battle between Trump and Powell is not just a personal dispute, but a struggle over who holds the keys to the American economy and who will steer the course of the next phase.