Trump's Clash with Fed Chief Powell: A Pivotal Power Struggle

U.S. President Donald Trump's looming decision to potentially dismiss Federal Reserve Chair Jerome Powell is grabbing headlines. Bloomberg reported on Wednesday that Trump, displeased with the Fed's monetary policy, might soon act to remove Powell from his position, as confirmed by an unnamed White House official.

Discussions around Powell's future heated up during a meeting at the White House's Oval Office on Tuesday night, where Trump reportedly sought advice from Republican lawmakers. According to CBS News, multiple sources indicated that Trump's inclination to oust Powell was clear, following Trump's series of criticisms directed at the Fed's interest rate stance.

Despite pressure from the President, Powell, appointed by Trump and later nominated for a second term by President Joe Biden, has pledged to complete his term, which concludes in 2026. Recent budget disputes, particularly concerning a costly renovation project, have further strained the relationship between the White House and the Fed.

(With inputs from agencies.)