Federal Reserve Chair Jerome H. Powell is resisting President Donald Trump’s calls for lower interest rates, saying the Fed should not take debt and deficits into account.

The right to freedom of speech allows Trump to make demands of the Fed to his heart's content. But legally, he cannot compel the central bank to lower its benchmark interest rate. The Fed has the right to act independently, and its aim is to promote a healthy and stable economy by keeping inflation in check.

Trump hopes to get lower rates by replacing Fed Chair Jerome Powell with someone who would do what the president wants. But Powell’s term as chair does not end until May 2026. He’s insisted he won’t resign early.