The president’s attacks on the independence of the Federal Reserve could further harm the dollar’s status as the preeminent international reserve currency, making credit dearer rather than cheaper.

President Donald Trump has intensified his criticism of Federal Reserve Chairman Jerome Powell, aiming to replace him with someone who will lower interest rates.

Trump hopes to get lower rates by replacing Fed Chair Jerome Powell with someone who would do what the president wants. But Powell’s term as chair does not end until May 2026. He’s insisted he won’t resign early.