President Trump joked that he should appoint himself Fed chair — but Jerome Powell showed him who is really in charge of interest-rate policy.

The Fed also forecasted two quarter-point interest-rate cuts over the remainder of 2025, carrying over a prediction issued in March. Two additional quarter-point cuts will be made in 2026, as well as one quarter-point cut in 2027, the central bank said.

President Trump has increasingly pointed to rate cuts by other central banks as he pressures Jerome H. Powell, the Fed chair, to reduce borrowing costs.