Trump Threatens to Fire Powell, Again

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Trump Threatens to Fire Powell, Again

The new threat against the Fed chair comes ahead of a Senate confirmation hearing for Kevin Warsh, Trump’s pick to lead the central bank.

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By

Andrew Ross Sorkin

Bernhard Warner

Sarah Kessler

Michael J. de la Merced

Niko Gallogly

Brian O’Keefe

and

Vivienne Walt

April 15, 2026,

8:18 a.m. ET

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President Trump again endorsed a criminal investigation over the renovation of the Federal Reserve headquarters.

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In today's newsletter:

Trump ramps up his fight with Powell

The China question

The Gulf is hemorrhaging money on canceled events

Wall Street bends to Musk’s will

Andrew here.

Breaking: President Trump has renewed his threat to fire Jay Powell as Fed chair; we’ve got more below. Separately, we’re tracking a significant pivot in New York fiscal policy: Gov. Kathy Hochul is set to propose

a “pied-à-terre” tax

on secondary residences in New York City valued at $5 million or more. By aligning with Mayor Zohran Mamdani, Hochul is making an aggressive revenue push that may rattle some in the C-suite.

The move specifically targets so-called tax refugees, like those who have relocated to Florida but kept a New York foothold. For them, the tax makes maintaining a dual-city lifestyle more costly. Critics warn that it could stifle big-ticket investments, while supporters argue that it is the fairest way to raise revenue.

What do you think?

Drop me a line

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Trump ramps up his fight with Powell

Just as war jitters are beginning to subside in the markets, investors are bracing for new uncertainty over leadership of the Fed as President Trump threatens to again fire Jay Powell, the central bank’s chair.

Trump’s declaration, in an interview that aired on Wednesday, came after the Senate finally scheduled a confirmation hearing for Kevin Warsh, his pick to head the central bank. Warsh’s path through the Senate was already looking shaky, particularly after federal prosecutors appear set to

press on with a criminal investigation

into the Fed.

Trump, who has repeatedly harangued Powell to lower interest rates, told Fox Business he wants Powell to leave the central bank next month, when his term as chair expires. Powell has indicated he would stay on the Fed as long as a criminal investigation into him continues. If Powell doesn’t leave, Trump told Fox Business, “I’ll have to fire him.”

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