US EditionRepublican senators caution Trump against firing Fed chair Jerome Powell
UNITED STATES, JUL 17 – Trump faces legal challenges and Republican opposition as he considers firing Fed Chair Powell over policy disputes and a $2.5 billion renovation, risking market instability, experts warn.
- In a recent development, President Donald Trump discussed firing Federal Reserve Chair Jerome Powell with Republican lawmakers, sparking market jitters and Senate pushback, Bloomberg reported.
- Amid growing tariff-driven inflation risks, Trump criticized the Fed, and White House officials accused Powell of mismanaging a $2.5 billion renovation project.
- Under the Federal Reserve Act, removal is allowed only for cause, and the Supreme Court said policy disputes aren’t valid grounds for dismissal, according to the sources.
- Later, Trump backtracked and downplayed firing plans, and markets recovered after his public denial.
- As stakeholders monitor the Fed’s next moves, the Fed has signaled that rate cuts are coming, with Powell’s term continuing until at least next year, according to the Biden administration.
150 Articles
150 Articles
The majority of respondents in the latest Markets Pulse poll expect Jerome Powell to remain as president of the Federal Reserve until the end of his term.According to most of the 146 participants in the poll conducted between July 17 and 18, Powell will not leave his position at the Fed before 2026, when his term expires in May.This suggests that few investors believe that President Donald Trump—who has criticized interest rates almost daily in …
President Donald Trump’s attacks on Powell threaten the Fed’s independence. Here’s why it matters
WASHINGTON — President Donald Trump has opened up a new front in his attack on the Federal Reserve and its chair, Jerome Powell: He says the alledged mismanagement of a building renovation project could be grounds for firing Powell. Such an unprecedented step could send the financial markets into a tailspin and over time push up interest rates and weaken the U.S. economy. If investors start to worry the Fed is no longer independent, fewer may bu…
‘There Will Be Inflation, Mr. Speaker’: CNBC Hosts Warn Mike Johnson What Will Happen if Rates Are Cut in ‘Hot’ Economy
Speaker Mike Johnson (R-LA) was warned on Friday that his desire to see the Federal Reserve cut interest rates in what he called a “hot” economy would likely lead to an even hotter one marked by inflation. In recent months, President Donald Trump has urged Fed Chair Jerome Powell to cut interest rates. Powell has resisted those calls, drawing Trump’s ire and sparking rumors that the president may attempt to fire him. Whether Trump can do so with…
Coverage Details
Bias Distribution
- 53% of the sources are Center
To view factuality data please Upgrade to Premium
