Fed mouthpiece: Powell is not the biggest obstacle to rate cuts; Fed's internal consensus mechanism is on the verge of collapse.

Trump anticipates a significant drop in interest rates after the new Federal Reserve chairman takes office in May, but opposition to a December rate cut is growing within the Fed, with Powell facing the most severe internal resistance in nearly eight years. A breakdown in the decision-making process could lead to monetary policy decisions being made by a narrow majority, and Trump may resort to aggressive measures to undermine the central bank's independence.