Trump, GOP Lawmakers Renew Calls for Fed Chair Powell Resignation

President Donald Trump and Republican Congressman Abe Hamadeh have intensified calls for Federal Reserve Chairman Jerome Powell to resign, criticizing his refusal to lower interest rates despite low inflation and strong job growth. Trump accuses Powell of manipulating Fed policy to undermine his administration's economic agenda and tariff policies, which Powell has linked to increased inflation risks. Hamadeh has additionally accused Powell of gross mismanagement of the Federal Reserve's headquarters renovation project, which is significantly over budget, and of lacking transparency before the Senate Banking Committee. These political pressures have raised concerns about the Fed's independence, with JPMorgan CEO Jamie Dimon warning of harmful consequences from political interference. Despite the pressure, Fed minutes reveal most policymakers oppose a rate cut at the upcoming meeting due to persistent inflation risks, partly attributed to tariffs. Investors are reacting by shifting portfolios toward gold and high-quality stocks, while U.S. Treasuries lose appeal amid increased political and fiscal uncertainties.