Trump threatens to fire Powell

The independence of the U.S. Federal Reserve is under fresh assault as President Trump intensifies his campaign against Jerome Powell.

Trump has publicly urged the Senate to confirm his pick for the next chair, Kevin Warsh, while warning Powell that he will be forcibly removed if he attempts to stay in his role.

This confrontation comes amid a controversial DOJ probe into the Fed's headquarters renovation, which critics argue is being used as political leverage.

Former Fed officials have condemned the move, warning that politicizing interest rate decisions could lead to runaway inflation.