Former President Trump plans to replace Federal Reserve Chair Jerome Powell in 2026.
Trump accuses Powell of being "political," suggesting interest rate cuts to favor Democrats in elections.
Trump voices suspicion that Powell may lower rates to boost Democratic chances in the upcoming elections.
Trump, a leading contender for the 2024 Republican nomination, expresses doubts about Powell's intentions.
Incumbent President Biden emphasizes positive economic data in preparation for a challenging re-election bid.
Despite the Fed's mandate for independence, presidents nominate the chair, influencing the central bank's direction.
Trump appointed Powell in 2018 but later criticized him for not aligning with his economic agenda.