Trump has been less than subtle in urging the Fed to cut the rates it controls. Powell, in what has been a rare pushback against Trump among federal policymakers, insists it’s still too early to cut rates.

The president is already reshaping the economy with his sprawling tariff policy. Now he wants the Federal Reserve to fall in line.

The Fed's rate-setting committee is scheduled to meet later this week as Trump continues to push for looser monetary policy.