[Nick Timiraos: Three Main Paths to Rate Cuts by 2026] Nick Timiraos wrote that Powell pushed through one of the most widely opposed rate cut plans during his tenure, sending a message to President Trump that lowering interest rates is not easy. There are three main paths to reducing interest rates by 2026: waiting for evidence of declining inflation; deterioration in labor market conditions; or significant changes to the composition of Federal Reserve personnel. Investors are closely watching the Trump administration's recent moves to challenge the Federal Reserve's institutional norms.