Trump threatened to fire Federal Reserve Chair Jerome Powell after Powell opted not to cut interest rates and warned Trump’s tariffs are “highly likely” to raise inflation and slow growth. Trump made the comments, renewing an ongoing dispute in his first term, despite the Fed’s independence being protected by law.

President Donald Trump: “Oh, he’ll leave. If I ask him to, he’ll be out of there. But I don’t think he’s — I don’t think he — I don’t think he’s doing the job. He’s too late, always too late, a little slow, and I’m not happy with him. I let him know it. And if I want him out, he’ll be out of there real fast, believe me.”

The Supreme Court is currently reviewing a case involving two labor officials whom Trump fired but were later reinstated after judges determined the president does not have the authority to remove them. An outcome favorable to Trump in that case could pave the way for him to also fire Jerome Powell.