Copyright © HT Digital Streams Limit all rights reserved. President Donald Trump. (File Photo: AP) Summary The president posted a cartoon on Truth Social showing that he fired the head of the central bank. President Donald Trump on Saturday afternoon over his feud with Federal Reserve chairman Jerome Powell by posting a cartoon on Truth Social showing that he fired the head of the central bank. The message shows a cartoon of Trump that says “You were fired!” to a glumbling Powell holding a box of his office possessions. Trump has previously flirted with the idea of firing Powell, whose term as chairman expires in May 2026. Powell repeatedly said he intended to stay in office throughout. The White House and the Federal Reserve did not immediately respond to a request for comment. Trump took more formal steps to end Governor Lisa Cook, with the president trying to end her in August. Cook challenged the move and reinstated by lower courts, quoting a probable violation of her right to proper process. The case is now before the US Supreme Court, which is expected to rule quickly. In addition, President Stephen Miran, chairman of the Council of Economic Advisors, filled a temporary place on the Council of Governor of the Federal Reserve. Miran was confirmed by the Senate, and shortly after voting his division with the council’s 25 base point cut at its first federal meeting of the Open Market Committee this month. Miran took an absence of his role at the CEA. Trump’s efforts reflect his desire to put his own stamp on the Federal Reserve. He has repeatedly said that he wants the central bank to lower interest rates to lower borrowing costs. The strong performance of the stock market in recent months indicates that investors may not be as concerned about the possible loss of Fed independence as expected, Barron Matt Peterson reported this month. Write to Elizabeth O’Brien on elizabeth.obrien@barrons.com, catch all the business news, market news, news reports and latest news updates on live mint. Download the Mint News app to get daily market updates. More Topics #federale Reserve #stock Market #Jerome Powell #Donald Trump #Interest Cates #us Federal Reserve #United States Read Next Story
Trump stirs pot in feud with Powell via Truth Social Post
