Federal Reserve Chair Jerome Powell doesn't have a whole lot of friends in Washington D.C. -- at least not on the Republican side of the aisle, and especially not President Donald Trump.
According to JustTheNews, it was reported this week that Trump has his people researching potential ways to have Powell removed from his powerful and influential position if he doesn't retire or resign.
Kevin Hassett, Trump's top economic adviser, confirmed the news this week that Trump isn't happy with Powell.
The president has publicly criticized Powell, especially recently, for not cutting interest rates like he wants him to, causing great tension around Washington D.C.
According to a CNBC piece on the subject, Trump is not being shy regarding how he feels about Fed Chair Powell, saying he should have cut interest rates already if "he knew what he was doing."
"If we had a Fed Chairman that understood what he was doing, interest rates would be coming down, too," Trump told reporters this week. "He should bring them down."
The outlet noted:
Trump has long argued that the Fed, which sets monetary policy in the U.S., should cut down interest rates. His latest comments come as the White House has ratcheted up its attacks on Powell in recent days.
It added:
The president and his team will continue to study that matter,” Hassett said at the White House after a reporter questioned if firing Powell “is an option in a way that it wasn’t before,” according to Reuters.
Powell, whose term as Fed Chair ends in May, 2026, strongly contends that he's protected from being fired by the president, though the matter seems like it could soon end up in a legal battle.
Trump seems dead set on making it happen anyway, writing recently in a Truth Social post, "Powell’s termination cannot come fast enough."
Powell doesn't seem to be a fan of Trump's tariffs.
"We may find ourselves in the challenging scenario in which our dual-mandate goals are in tension," Powell said in prepared remarks before the Economic Club of Chicago. "If that were to occur, we would consider how far the economy is from each goal, and the potentially different time horizons over which those respective gaps would be anticipated to close."
The Fed Chair made it clear that the Federal Reserve is waiting for "greater clarity" before it makes any adjustments to rates.
Only time will tell if Trump finds a way to boot Powell from his post. Either way, a legal battle over the matter is coming.
