Trump’s plan: Replace Powell, get rate cuts. The problem: What if a new chair can’t deliver the votes? The unusually deep divide over a potential December cut, which doesn’t happen unless Powell forces it, underscores that this isn’t a hypothetical for 2026. The Fed chair is like a quarterback—he calls the play, but the rest of the players have to run their routes for it to work. Fed veterans worry about what happens to the institution’s culture if a new chair struggles to deliver the cuts Trump is expecting https://www.wsj.com/economy/central-banking/fed-divisions-show-powell-isnt-trumps-biggest-hurdle-to-a-rate-cut-87d88968?st=xbtTiu&reflink=desktopwebshare_permalink(Nick Timiraos)