Seems Powell is having an alpha male competition with Trump. He doesn’t think rates need lowering, Trump does. We will see who blinks first but I read Trump is exploring possibilities to relieve Powell from his duties. Historically the FED always seems to act too late. I think Powell should cut rates, it will make life cheaper for Americans.
As much as Trump wants to fire Powell, I don't think he can do it. At least, not legally. Only Congress can. But with Republicans holding a slim majority on both chambers (House + Senate), anything's possible.
That won't happen because if Congress supports and helps Trump fire Powell , it will have serious consequences for the US. The world will lose faith in the USD because the Fed is known as an independent agency, their mission is not only to ensure the US economy but also the world. If Powell is fired, it means the Fed has become politicized and is no longer trustworthy. Trump understands that better than anyone, which is why after pressuring the Fed to lower interest rates, he made it clear that he has no intention of firing Powell .
https://edition.cnn.com/2025/04/22/business/trump-says-he-has-no-intention-of-firing-jerome-powell/index.html