The US government entered a debt spiral a while ago (https://fred.stlouisfed.org/series/A091RC1Q027SBEA), and needs lower interest rates to service its tremendous debt while trying to inflate it away by printing money. That's all it comes down to. For decades fiscal conservatives were warning about it and were laughed at. Now that we're are the end game the inevitable shitshow will become apparent. You can hate Trump (rightly so), but as much as he did contribute to the problem directly, the problem is larger and systemic, and anyone else in office would have the exact same problem now.
Exactly, interest rates must come down due to the government debt burden. This debt burden creates a strong incentive to force rates to zero, but we have to pretend the Federal Reserve is independent.
Separately, I think Jerome Powell is one of the worst Fed chairs as he is most (but not exclusively) responsible for what happened to the housing market by creating a lock-in effect and focusing on their CPI basket.
