President Donald Trump has frequently voiced dissatisfaction with the Fed’s “wait-and-see" approach to lowering interest rates under Powell.

Powell has said politics don't play a part in Fed rate decisions. He and his colleagues have held the key overnight borrowing rate in place since December, though markets largely expect a cut is on the way not at the Fed's July meeting, but in September.

Trump hopes to get lower rates by replacing Fed Chair Jerome Powell with someone who would do what the president wants. But Powell’s term as chair does not end until May 2026. He’s insisted he won’t resign early.

A senior Trump administration official said Friday that Fed Chair Jerome Powell is “considering resigning” as pressure grows for an investigation into whether he lied to Congress about the central bank’s “Palace of Versailles” renovations to its headquarters in Washington, DC.

Also in today’s newsletter, Reeves puts reform of UK cash ISAs on hold and Google is to agree cloud discount with US government

Russell Vought, director of the Office of Management and Budget, said Federal Reserve Chair Jerome Powell "has grossly mismanaged the Fed."

The White House financial watchdog ripped Federal Reserve Chair Jerome Powell over a lavish revamp of the central bank’s Washington, DC headquarters — and warned construction could be