The president is already reshaping the economy with his sprawling tariff policy. Now he wants the Federal Reserve to fall in line.

Trump has been less than subtle in urging the Fed to cut the rates it controls. Powell, in what has been a rare pushback against Trump among federal policymakers, insists it’s still too early to cut rates.

Jerome H. Powell, the Federal Reserve chair, is facing relentless attacks from the president, a lively campaign to replace him and divisions in his own ranks over when to cut interest rates.