President Donald Trump’s pre-dawn post shook investors’ confidence on Thursday, as he railed against the Chairman of the Federal Reserve, and called for his “termination.” Hours later, the White House insisted the President was not suggesting he would be firing Jerome Powell, whom he installed during his first term, but the Treasury Secretary Scott Bessent reportedly is urging caution.

Pointing to news about the European Central Bank, Trump at 6:12 AM exploded:

“The ECB is expected to cut interest rates for the 7th time, and yet, ‘Too Late’ Jerome Powell of the Fed, who is always TOO LATE AND WRONG, yesterday issued a report which was another, and typical, complete ‘mess!'” Trump exclaimed.

“Oil prices are down, groceries (even eggs!) are down, and the USA is getting RICH ON TARIFFS,” he insisted, although some consumers may disagree. “Too Late should have lowered Interest Rates, like the ECB, long ago, but he should certainly lower them now.”

“Powell’s termination cannot come fast enough!” Trump concluded.

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The White House quickly jumped in.

“A White House official tells me today this post should not be seen as a threat to fire Powell,” reported CNBC’s Megan Cassella. “It’s more of an airing, or re-airing, of grievances and frustrations with the central bank chair. And the President is looking forward to the scheduled end of Powell’s term.”

Reuters reported that Christopher Hodge, Chief US Economist for Natixis, said: “So previously I thought the odds were very much against Trump trying to remove Powell, but my confidence has faded. Trump seems more comfortable than expected with a slowing economy and equity volatility and the tariff policies are much more onerous than anticipated, even if they have been walked back a bit. The bottom line is the parameters of potential policy outcomes has widened and while I still think Powell will be retained until his term ends, I am less certain that I was previously.”

Journalist and author Charles Fishman called Trump’s post, “a frontal attack on Jay Powell, chairman of the Federal Reserve, whose independence is enshrined in law—and who is one of the few forces holding the US economy together in the face of White House tariff chaos.”

“Trump can’t fire Powell. But is shouting like he might try,” Fishman writes.

Trump may try, but some say he may need help from the U.S. Supreme Court.

Meanwhile, barely two weeks ago, reports stated Bessent was thinking of quitting.

“Treasury Secretary Scott Bessent may be planning to cut and run after Donald Trump’s disastrous ‘reciprocal tariff’ announcement earlier this week,” The New Republic reported. “During an appearance on MSNBC’s Morning Joe Friday, contributor Stephanie Ruhle reported that the key Cabinet member is already looking for an escape hatch.”

“My sources say that Scott Bessent is kind of the odd man out here and, in the inner circle that Trump has, he’s not even close to Scott Bessent or listening to him,” Ruhle said, TNR reported. “Some have said to me, he’s looking for an exit door to try to get himself to the Fed, because in the last few days he’s really hurting his own credibility and history in the markets.”

Last week, things apparently got more heated.

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“Wall Street prizes stability, which is why Trump’s shambolic tariff rollout has wiped out trillions of dollars of market value,” Vanity Fair reported last week. “Executives say the on-again, off-again tariffs are evidence of a civil war engulfing Trump’s economic policy team. According to sources close to the White House, Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick have been at odds over a tariff plan, with Bessent urging discipline and Lutnick encouraging Trump to go big. ‘The real war is between Howard and Scott,’ one of the sources said.”

And now, Bessent reportedly is  urging caution on firing Powell.

According to a Politico report on Thursday, Bessent “has repeatedly cautioned White House officials that any attempt to fire Federal Reserve Chair Jerome Powell would risk destabilizing financial markets, according to two people close to the White House granted anonymity to share details of private discussions.”

Adding some insight, Politico notes that “Bessent’s private message reinforces what President Donald Trump already knows but comes as the president’s anger with the Fed chair is growing because Powell hasn’t shown signs that he will cut interest rates soon. It also comes against the backdrop of widespread market turmoil over the administration’s far-reaching trade war.”

Not only has Powell not cut interest rates — which he historically has been very caution on doing — but CNN Business reported Thursday afternoon that mortgage rates just saw “the largest one-week jump” min over a year, and are have now climbed to the “highest level in two months as Trump’s tariffs continue to rock markets.”

Responding to Politico’s report, hedge fund founder and chief investment officer Spencer Hakimian writes, “Bessent hating his new job of being a full time babysitter. Just cleaning up Trump, Lutnick, Navarro, etc. diaper all day long.”

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Image via Reuters

A prominent Republican U.S. Senator delivered candid and heartfelt responses to leaders of nonprofit groups in her state expressing concern over the massive and sudden cuts to federal agencies, programs, and the federal workforce—along with President Donald Trump’s tariffs, executive orders, and legal battles.

“We are all afraid,” said Senator Lisa Murkowski (R-AK), apparently referring to both her colleagues in Congress and her constituents, before pausing in thought (video below). The Anchorage Daily News first reported her remarks.

“It’s quite a statement. But we are in a time and a place where I certainly have not been here before. And I’ll tell ya, I’m oftentimes very anxious myself about using my voice, because retaliation is real. And that’s not right. But that’s what you’ve asked me to do. And so, I’m going to use my voice to the best of my ability.”

Murkowski, a moderate Republican who has held her seat for nearly a quarter of a century, also said that she “is just trying to listen as carefully as I can to what is happening and how it is happening and the impacts it is having on the ground.”

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She admitted that “we don’t have all the answers, but we’re trying to unlock at different opportunities and in different ways as much as we can. And it is as hard as anything that I have engaged in in the 20 plus years I’ve been in the Senate.”

Explaining that she is trying “to figure out how I can do my best to help the many who are so anxious and are so afraid,” Murkowski, an Alaska native, shared stories of encounters with constituents and others.

“I’ve been an airports, I’ve been in meetings, I’ve been in hallways, and in my own office, in Washington, D.C., or where people have shared shared what has happened within their world, where they end up in tears, in tears because they thought that they were in a profession they’d given so much to, and thought that they were doing well and literally no notice whatsoever are terminated and told that their work performance was not not satisfactory,” she noted. “Which was not true, and [they] didn’t know what was going to happen.”

The Anchorage Daily News also described Murkowski as being “exceptionally candid” when “criticizing aspects of the Trump administration’s approach to implementing policy measures and service cuts, some of which she described as ‘unlawful.'”

Murkowski also shared that she has heard “fear” from “people who have said, ‘I’m afraid to, I’m afraid to talk to my coworkers about the status of where we are, because will I be viewed as questioning my my supervisors or my commitment to the agency here.’ These are unscripted moments where I am not soliciting them, and people are not planning on sharing them with me, almost serendipitous in an airport. And so these are real emotions, these are real people, these are real fears, and they need to be heard.”

Republican former U.S. Rep. Barbara Comstock, responding to Murkowski’s remarks, wrote: “This is real. I and so many members – present and former – have heard these conversations privately, so it is refreshing to hear it publicly.”

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Attorney Alex Morey also weighed in, calling it a “stunning admission by a sitting U.S. senator. Senators speak for their constituents, with an oath to defend against ‘all enemies, foreign and domestic.’ Any threat to her ability to do her job demands transparency, bravery, and action — not self-interested self-censorship.”

Columbia University professor of history Simon Schama called it “extraordinary” that a Republican Senator was admitting to being “afraid of her President and government.”

The Senator also acknowledged that the GOP-controlled House and Senate are not fulfilling their oversight responsibilities.

“It’s called the checks and balances. And right, now we are not balancing as the Congress,” she said.

Just last week in a speech on the Senate floor, Murkowski told her colleagues, “I think it’s time for Congress to reassert itself. We owe that to those that we represent, as well as to this institution, for the long-term good of the nation.”

Watch the video below or at this link.

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Citing a “willful disregard,” Chief U.S. District Judge James Boasberg has found probable cause that the Trump administration could be held in criminal contempt of court after officials defied his order to not remove Venezuelan migrants from the country based on a centuries-old wartime law.

Boasberg, first appointed to the federal bench by President George W. Bush, on Wednesday “said he would launch proceedings to determine whether to hold Trump administration officials in criminal contempt,” The Washington Post reported.

Pointing to the “broader showdown between the Trump administration and the federal judiciary,” the Post reported that Boasberg “[said] the Trump administration’s actions on March 15, as the removal flights proceeded despite his order to the contrary, ‘demonstrate a willful disregard … sufficient for the Court to conclude that probable cause exists to find the Government in criminal contempt.'”

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The judge wrote: “The Court does not reach such conclusion lightly or hastily; indeed, it has given Defendants ample opportunity to rectify or explain their actions. None of their responses has been satisfactory.”

But Boasberg also offered the administration some options: essentially, file “a declaration explaining the steps they have taken and will take to do so,” or, file “declaration(s) identifying the individual(s) who, with knowledge of the Court’s classwide Temporary Restraining Order, made the decision not to halt the transfer of class members out of U.S. custody on March 15 and 16, 2025.”

Attorney Aaron Reichlin-Melnick explains that Boasberg ordered “them either to fix their mistake, or identify who made those decisions (presumably for further sanctions).”

“The Constitution,” Boasberg also wrote, citing previous rulings, “does not tolerate willful disobedience of judicial orders — especially by officials of a coordinate branch who have sworn an oath to uphold it. To permit such officials to freely ‘annul the judgments of the courts of the United States’ would not just ‘destroy the rights acquired under those judgments’; it would make ‘a solemn mockery’ of ‘the constitution itself.’

Watch CNN’s report below or at this link.

Breaking news on @InsidePolitics: US District Judge James Boasberg ruled that “probable cause exists” to hold Trump administration officials in criminal contempt for violating his orders in mid-March halting the use of the Alien Enemies Act to deport alleged Venezuelan gang… pic.twitter.com/vpupuxjH5h

— Dana Bash (@DanaBashCNN) April 16, 2025

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Image via Reuters