Donald Trump is preparing to take out Jerome Powell before his term ends in May 2026, and the blowback could hit every corner of the US economy.

Many, including President Trump, think this is a big mistake, arguing that hesitation on lowering the Fed Funds Rate, a benchmark used to set rates on everything from cars to mortgages, risks stagflation or recession.

FILE PHOTO: U.S. Treasury Secretary Scott Bessent testifies before a House Financial Services Committee hearing entitled "The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System," on Capitol Hill in Washington, D.C., U.S., May 7, 2025. REUTERS/Nathan Howard/File Photo

Trump is weighing a decision to replace Federal Reserve Chair Jerome Powell with Treasury Secretary Scott Bessent, according to people familiar with ongoing talks inside the administration, as reported by Bloomberg.

Cardone Capital CEO Grant Cardone criticized Fed Chair Jerome Powell's interest rate policies as he claims they're preventing Americans from buying homes.