Trump Lashes Out at Powell. But Can the President Fire the Fed Chair?

WSJ What’s News

The Wall Street Journal

News, Daily News

4 • 4K Ratings

🗓️ 17 April 2025

⏱️ 12 minutes

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Summary

P.M. Edition for April 17. In a post on social media and in comments from the Oval Office, President Trump expressed his displeasure with Fed Chair Jerome Powell. But can Trump actually fire him? WSJ chief economics commentator Greg Ip discusses an upcoming Supreme Court decision that might tilt the scales. Plus, a federal judge has ruled that Alphabet’s Google created an illegal monopoly that allowed it to control parts of the online advertising industry. And private equity, one of Wall Street’s most consistent fee generators, is in danger. Reporter Miriam Gottfried tells us what’s going on, and what it would take to get private equity back on track. Alex Ossola hosts. Sign up for the WSJ's free What's News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	President Trump hints at dismissing Fed Chair Jerome Powell.
0:07.1	But can he do that?
0:08.5	If the president gets his way, essentially turns the Fed chairman into an at-will employee
0:13.3	like the Treasury Secretary.
0:15.0	And it means that monetary policy is effectively under the control of the president.
0:19.2	Plus, a federal judge rules that Google operates in a legal monopoly of online advertising.
0:24.7	And private equity, one of Wall Street's most consistent profit engines, is close to breaking down.
0:30.4	It's Thursday, April 17th.
0:32.6	I'm Alex Oslo for the Wall Street Journal.
0:34.4	This is the PM edition of What's News, the top headlines and business
0:38.3	stories that move the world today. Today, President Trump has taken aim at Fed Chair Jerome Powell.
0:50.4	Yesterday, Powell had warned that the Fed could face a difficult trade-off as tariffs raise prices and weaken the economy.
0:57.1	This morning, Trump posted on Truth Social that, quote, Powell's termination cannot come fast enough, adding that the Fed chair, quote, is always too late and wrong, and that he should be cutting interest rates as other central banks have done.
1:10.5	Later this afternoon, in a press conference in the Oval Office with Italian Prime Minister, Georgia Maloney,
1:16.0	Trump was asked again about Powell.
1:18.1	The reporter noted that Powell says he won't leave even if Trump asks him to.
1:22.6	Oh, he'll leave. If I ask him to, he'll be out of there.
1:24.8	But I don't think he's, I don't think he, I don't think he's doing the job.
1:30.2	He's too late, always too late, a little slow, and I'm not happy with him.
1:36.8	I let him know it.
1:39.0	And if I want him out, he'll be out of there real fast, believe me.
1:43.9	So can Trump do this?
	...

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