GBP/USD rises due to US PPI drop and Trump’s possible dismissal of Powell
US PPI slowed to 2.3% year-on-year, raising speculations of a Fed cut in July. Trump reportedly believes he has displaced Federal Reserve Chairman Powell, adding to market volatility. UK CPI surged to 3.6% year-on-year, the highest since January 2024, diminishing BOE cut prospects. In currency news, GBP/USD has reversed its trend, gaining after the latest […]
Trump informed key Republican lawmakers that he is expected to dismiss Fed Chair Jerome Powell, according to sources.
President Trump recently indicated to leading GOP members that he might dismiss Federal Reserve Chairman Jerome Powell. Sources confirmed earlier reports from Bloomberg News, citing individuals familiar with the discussions. An insider within the administration, speaking on the condition of anonymity, confirmed the nature of Trump’s consultations with congressional Republicans. According to two sources, Trump […]
Bitcoin Pauses as Traders Take Profits During Jerome Powell Succession Discussions
Simply put Bitcoin has dropped 4.5% from its all-time high, now at $117,250, as traders took profits and exchange inflows surged. Persistent inflation and uncertainty around the Federal Reserve have put pressure on prices, with the Consumer Price Index rising to 2.7% in June, dampening hopes for interest rate cuts. The possibility of a new […]
Ways the White House is increasing its pressure on Fed chief Jerome Powell
The tension between President Trump and Federal Reserve Chairman Jerome Powell is intensifying, especially with plans for a $2.5 billion renovation of the Fed’s headquarters in Washington, D.C. This renovation is drawing attention from the White House, with Powell reportedly asking central bank inspectors to evaluate the project this week. For months, Trump and his […]
Trump persists in criticizing the Fed chair following the inflation report; Powell requests an independent investigation into renovation claims.
Trump Critiques Fed Chair Powell Amid Inflation Concerns In recent remarks, the president intensified his criticism of Federal Reserve Chairman Jerome Powell, attributing the blame for high renovation costs on facilities to him. The president has been quite vocal about wanting lower interest rates, suggesting that current rates should be the lowest globally. Interestingly, Powell […]
Jamie Dimon praises the Federal Reserve’s independence as Trump considers swapping Jerome Powell.
JPMorgan’s CEO Defends Fed Independence Amid Interest Rate Debates On Tuesday, Jamie Dimon, the CEO of JPMorgan Chase, voiced strong support for the Federal Reserve and its chairman, Jerome Powell, as discussions in the White House about short-term interest rates intensified. Reports indicate that Dimon, who faced criticism from former President Trump during his second […]
Powell asks for an investigation into the expensive $2.5B Fed headquarters project.
Powell Requests Review of Fed Renovation Project Jerome Powell, Chair of the Federal Reserve, has reached out to central bank inspectors to evaluate renovations at the Fed’s historic headquarters in Washington. This past weekend, Powell reportedly asked Inspector General Michael Horowitz to investigate the project, which has seen rising costs compared to estimates before the […]
Powell asks for IG examination of $2.5B headquarters renovation amidst Trump criticism
Federal Reserve Chairman Requests Renovation Review Amid Controversy Jerome Powell, the Chairman of the Federal Reserve, has reportedly asked inspectors at the central bank to look into renovations planned for its $2.5 billion headquarters. This has become a central issue amid increasing scrutiny from the Trump administration. A source informed Axios that Powell has directed […]
Trump’s economic adviser indicates the White House is looking into the costs of renovating the Fed and whether it can dismiss Powell.
President Trump has the authority to dismiss Federal Reserve Chairman Jerome Powell for cause, provided there’s sufficient evidence, according to White House economic adviser Kevin Hassett. Hassett, who directs the National Economic Council, mentioned during an ABC “This Week” interview that whether Powell will be let go over a claimed $700 million cost overrun would […]
Navarro promotes ‘Trumpnomics’ in criticism of Powell and the Federal Reserve
In a recent discussion alongside Jerome Powell, Peter Navarro, the senior trade adviser at the White House, championed “Trumpnomics” while criticizing the Federal Reserve Chair, labeling him a “pure partisan” who, according to Navarro, has hindered economic growth. “So here’s the situation,” Navarro said. “During the first semester of President Trump’s term, Powell took his […]