A top White House budget official said President Trump is "troubled" by Federal Reserve chair Jerome Powell's management, as Mr. Trump pressures him over interest rates.

The newly published meeting minutes highlighted a divide over how Federal Reserve officials expect the economy to respond to President Donald Trump's tariffs.

Federal Reserve Chair Jerome H. Powell is resisting President Donald Trump’s calls for lower interest rates, saying the Fed should not take debt and deficits into account.

The right to freedom of speech allows Trump to make demands of the Fed to his heart's content. But legally, he cannot compel the central bank to lower its benchmark interest rate. The Fed has the right to act independently, and its aim is to promote a healthy and stable economy by keeping inflation in check.

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.

Richard Clarida, former Federal Reserve Vice Chairman and current global economic advisor at PIMCO, joins CNBC's "Closing Bell" to discuss when the Federal Reserve may cut interest rates, economic outlook and more.

Trump’s top budget adviser sent Powell a letter saying Trump is “extremely troubled” by the “ostentatious overhaul.” Two aides were named to a panel that plans to review the building plans.

The president hasn’t named a successor to Jerome H. Powell, but his insistence on someone who will lower interest rates has already raised doubts about their credibility.