In a move that has sent shockwaves through the financial and political spheres, President Trump’s consideration of firing Federal Reserve Chair Jerome Powell has ignited a heated debate in the Senate. The President has reportedly expressed frustration with Powell’s handling of interest rates and the economy, leading to speculation about his potential dismissal.
According to CBS News, Trump has even gone as far as asking GOP lawmakers for their opinion on whether he should fire Powell, indicating the seriousness of the situation. This unprecedented move has raised concerns about the independence of the Federal Reserve and the potential impact on the economy.
On the other hand, Fox News reports that Senate Republicans have narrowly advanced Trump’s funding cuts targeting $8.3 billion from USAID and $1 billion from the Corporation for Public Broadcasting. This move is seen as a way to assert control over government spending and align with the President’s agenda.
Meanwhile, Quartz highlights that Trump has already begun the search for Powell’s replacement, with Scott Bessent being considered as an option. However, Trump has clarified that Bessent is not at the top of the list, indicating that the search is still ongoing.
The New York Times reveals that Trump has even drafted a letter to fire Powell, which he waved at a meeting in the Oval Office with House Republicans. The President’s threats have created uncertainty and unease in financial markets, with many questioning the potential consequences of such a drastic decision.
In response to the growing speculation, CNBC reports that Trump has denied being close to firing Powell, leading to a rebound in the S&P 500. However, a White House official has stated that Trump is “likely” to fire Powell soon, adding to the uncertainty surrounding the situation.
Overall, the potential firing of Fed Chair Jerome Powell has become a contentious issue, with implications for the economy and the Federal Reserve’s independence. The Senate debate, Trump’s search for a replacement, and the conflicting reports about his intentions have created a climate of uncertainty and concern among investors and lawmakers alike.
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