Core Viewpoint - Trump may replace the Federal Reserve Chairman by the end of 2025, despite Powell's term lasting until 2026, highlighting a conflict between Powell's resistance to significant rate cuts and Trump's economic goals [1] Summary by Relevant Sections - **Federal Reserve Leadership** - Trump is considering a change in leadership at the Federal Reserve, potentially replacing Powell by the end of 2025 [1] - **Interest Rate Policy** - Powell's opposition to large rate cuts contrasts sharply with Trump's economic objectives, indicating a potential shift in monetary policy direction [1] - **Market Reactions** - The recent 25 basis point rate cut on September 25 and internal unrest within the Federal Open Market Committee (FOMC) have heightened tensions, suggesting possible market volatility of 1%-2%, similar to past Federal Reserve-related changes [1]