President Donald Trump has been relentless in demanding that Federal Reserve chair Jerome Powell lower interest rates, but Powell remains resolute and intends to serve until his term ends in May 2026. Tensions escalated when Russell Vought criticized Powell's management of the Fed and its renovation budget. Maggie Haberman noted that Trump is increasingly searching for a legal pathway to oust Powell, although some advisers previously indicated Trump might not seriously pursue this. Speculation surrounds potential successors, though Powell's firing seems uncertain for now.
Trump has repeatedly called on the Federal Reserve chair to lower interest rates, to no avail. Powell has been unswayed by the president's demands.
Russell Vought, the director of the Office of Management and Budget, ripped Powell on X and posted a letter he sent to the Fed chair.
Haberman said Trump is looking for a way to be rid of Powell. I think there's no question that they are searching as to whether there is a legal out.
A lot of the president's advisers not that many months ago were assuring people that he was not serious about getting rid of Jay Powell.
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