President Donald Trump on 1 August intensified his public campaign for lower borrowing costs, declaring that the Federal Reserve’s Board of Governors should "assume control" if Chair Jerome Powell continues to resist cutting interest rates. Trump’s demand followed the Fed’s 30 July decision to leave its benchmark rate unchanged, a move approved on a 9-2 vote that included the first dual dissent in more than three decades. The president’s remarks coincided with a sharp repricing in money markets. Fed funds futures now embed expectations for three quarter-percentage-point reductions—about 75 basis points—before year-end, and some traders see a 50-basis-point cut as early as the September meeting. Treasury yields have fallen alongside the shift, reflecting mounting concerns over slowing payroll growth and a weakening services sector. Trump is also moving ahead with contingency plans for Fed leadership. He has publicly indicated that former governor Kevin Warsh and former White House economist Kevin Hassett top a four-person shortlist to replace Powell should the opportunity arise, potentially exploiting an upcoming vacancy on the seven-member board. Currency strategists say markets would likely welcome the more hawkish Warsh, while a Hassett nomination could weigh on the dollar.