Let me first put the question to you: Is Trump right to pressure Jerome Powell to cut the Federal Funds Rate?
One of the reasons.why rich individuals and big businesses invest in the US is because it is believed that it's economic decisions are based on sound and reliable data. Trump recently fired Erika McEntarfer, the head of Bureau of Labor Statistics claiming that the agency gives out rigged job statistics. All this move was to force the Feds to cut rates. The US will lose some grounds in the global economic space if it becomes obvious that these important agencies are now under the control of the presidency. It is highly wrong for the president to interfere in the operations of the Feds.
The only reason the FED could cut rates is the political pressure from the White House. Powell's problem is that he has to have the Board of Governors on his side, but sadly, they are concerned about re-election.
Two Fed’s board members, Christopher Waller and Michelle Bowman voted against keeping the interest rate steady in the last meeting. Which shows that they are on Trump's side. With the unexpected resignation of a member Adriana Kugler, Trump will appoint his loyalist thereby controlling almost half of Fed’s board membership. With one more member on his side, he would assume full control of an important board that is established to be independent.