Trump says he might call Powell to press for interest rate cuts

• But a threat to call and push directly for rate cuts could rekindle those fears about the central bank's freedom from political interference.

What they're saying: "I might call him. I haven't called him, but I believe he's making a mistake by not lowering interest rates," Trump said in Oval Office remarks to reporters.

• "He will hopefully do the right thing. The right thing is to lower interest rates."

The big picture: Jawboning aside, no U.S. leader in the past half-century has taken the risk of trying to force the Fed to lower rates.

• The last to try was President Richard Nixon, who urged Fed chair Arthur Burns to keep monetary policy loose in the run-up to the 1972 election.
• That political pressure appeared to work at the time, but with disastrous consequences for inflation down the line.

What to watch: Whether Trump actually calls Powell — and whether the staunchly independent Powell takes the call.