"With a striking of the pen," the Federal Reserve can save the federal government at least $1T in interest rate payments, President Donald Trump said on Tuesday, repeating one of his beefs with Fed Chair Jerome Powell for holding rates unchanged since the start of the year.

Trump wants to replace Jerome Powell with a Fed chair who will do what he wants. But that still may not produce the steep cuts Wall Street is counting on.

Federal Reserve Gov. Christopher Waller on Thursday called for the central bank to cut interest rates in July. Waller said