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.

The US stock market just blew past every record in history, as the capitalization-to-GDP ratio hit 208% this week, jumping nearly 43 percentage points since April. That crushes the previous high of 206% from February and more than doubles the ratio from nine years ago.