By Steve Holland WASHINGTON (Reuters) - U.S. President Donald Trump has privately discussed the possibility of firing Federal Reserve Chairman Jerome Powell, a move that could roil already volatile financial markets, two sources familiar with situation said on Saturday. The sources added that they do not expect Trump to dismiss the U.S. central bank chief, despite the president's public and private objections to the Fed's interest rate-hiking campaign and his repeated criticisms of Powell, whom he appointed. U.S. Treasury Secretary Steven Mnuchin, however, tweeted late Saturday that Trump had told him that never suggested dismissing the Fed chief. "I never suggested firing Chairman Jay Powell, nor do I believe I have the right to do so," Mnuchin quoted Trump as telling him. The White House and a Fed spokeswoman declined to comment. An attempt to remove the Fed chairman would be unprecedented and seen as an attack on the U.S. central bank's independence, which is meant to insulate it from political considerations. It would be on potentially shaky legal ground, and would probably hit financial markets around the globe hard. The Federal Reserve Act allows a president to dismiss a Fed board member for "cause," and Trump's frustrations with the central bank's rate hikes would likely fall short of that mark. The law, however, is untested on dismissing a chairman, who also holds a separate term as a board member. Trump's top economic adviser, Larry Kudlow, said in November he did not believe it would be possible for Trump to remove Powell as chairman, while leaving him on the board. "I don't think so. It's a four-year term," Kudlow said during a Washington Post event. CNN, citing two people familiar with the matter, said Trump had begun polling advisers about his legal authority, but that the White House had not come up with a final determination. It said Trump's advisers told the president earlier this year that it was doubtful he had legal authority to dismiss the Fed chief. Trump has frequently attacked Powell, who was sworn in as Fed chairman early last February, and the Fed for raising borrowing costs this year, especially as U.S. stocks have tumbled and yields on U.S. government debt have begun to signal a possible recession ahead. Before the central bank's policy meeting earlier this week, Trump warned against lifting rates when stock markets were slumping. "Don't let the market become any more illiquid than it already is," he wrote on Twitter on Tuesday, just before the Fed opened its two-day meeting. "Feel the market, don’t just go by meaningless numbers." Despite the public jaw-boning, the central bank lifted rates for the fourth time this year on Wednesday, citing the U.S. economy's continued strong performance. U.S. stocks and bond yields fell hard after the decision. The Dow Jones industrial average <.DJI> had its worst week since the 2008 financial crisis, while the Nasdaq <.IXIC> sank into bear market territory. Bloomberg News was the first to report that Trump has been privately discussing firing Powell. The Fed's independence has been a mainstay of the U.S. financial system and is one of the reasons the dollar is the global reserve currency. In an interview with Reuters earlier this month, Trump said he liked Powell, but not his policies. "I think he's a good man. I think he's trying to do what he thinks is best. I disagree with him," Trump said. "I think he's being too aggressive, far too aggressive, actually far too aggressive." (Reporting by Steve Holland in Washington; Additional reporting by Tomo Uetake in Tokyo; Writing by Tim Ahmann and Diane Bartz; Editing by Leslie Adler and James Dalgleish)
- The Daily Beast
Photo Illustration by Erin O’Flynn/The Daily BeastFirst, she stopped FBI special agents from even glancing at the classified documents they recovered from Mar-a-Lago. Then she appointed a special court referee that former President Donald Trump wanted to slow down the investigation over his mishandling of classified documents.But now, it’s clear District Court Judge Aileen Cannon already knew the Department of Justice was ready to hand Trump back a ton of personal records six days before she cla
The Republican U.S. Senate candidate claimed to have no idea who the woman could be. But apparently she's the mother of one of his kids.
Things are looking rockier than ever for Gisele Bündchen and Tom Brady. On the very same day news broke of the couple hiring their own prospective divorce lawyers, Bündchen was spotted out with their children — Benjamin, 12, and Vivian, 9 — sans wedding ring. The mom of two was seen toting her kids to […]
- Rams Wire
The streaker who was leveled by Wagner on Monday night filed a police report against the #Rams linebacker
Another day, another slay.
- Business Insider
Trump said the FBI found classified documents at his home because federal workers packed them. But emails Bloomberg got show boxes were already packed when movers arrived.
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Not many people are buying this one.
Antonio Brown shades Tom Brady by posting photo of himself hugging quarterback's wife amid divorce reports
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The Georgia Republican accused the transportation secretary of trying to “emasculate the way we drive” by supporting electric cars.
- Yahoo Life
Carmen Dell’Orefice, oldest living supermodel, poses nude in stunning photoshoot: 'We're not finished until the day we’re finished'
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- NBC Sports BayArea
For Dusty Baker, there is zero debate regarding who the true home run king is.
- Rams Wire
Wagner is not amused by the streaker's action, and showed no remorse for his actions.
The former president's legal team “made the mistake of using a word that they have not used before," said "The Last Word” anchor.
No, it’s not 2007, it’s 2022, and Britney Spears is free, thriving, and able to do whatever the heck she wants. We’ve seen her come out of her shell the past year since her conservatorship ended, and she’s showing the world that it’s her time to make her own choices. This time? She’s ready to […]
- The Wrap
The review was related to a serious fall the anchor and reporter had earlier this year in Amsterdam
- Business Insider
The Navy just deployed its $13 billion aircraft carrier, which was both commissioned and panned by Trump, who ranted: 'It just doesn't look right'
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- Yahoo TV
Kanye West disses Kim Kardashian's outfit: 'Made me so mad I would have went to jail before I went out in that'
A year later, the exes are still critiquing each other's looks.
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- Ukrayinska Pravda
"237 projectiles in 40 minutes": Ukraine's Defence Intelligence intercepts conversation about Ukrainian counteroffensive in the south
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“I think that was what upset him the most," the New York Times reporter told "Late Show" host Stephen Colbert.