President Donald Trump is badgering the Federal Reserve to cut interest rates, but even if the Fed gave in to the pressure, it wouldn't necessarily lead to lower borrowing costs for consumers.

The president said he has “no intention” of ousting Jerome H. Powell, the Fed chair, but the administration’s willingness to challenge norms regarding the central bank’s political independence is causing concern.

U.S. President Donald Trump calmed investors this week by asserting that he has "no intention" of removing Federal Reserve chair Jerome Powell. However, his "outrageous rhetoric has clearly damaged" the central bank's independence,