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.

Trump has criticized Powell for months because the chair has kept the short-term interest rate the Fed controls at 4.3% this year, after cutting it three times last year. Powell says the Fed wants to see how the economy responds to Trump’s sweeping tariffs on imports, which Powell says could push up inflation.