The Federal Reserve is an independent organization, meant to be insulated from politics, and the Supreme Court suggested this year that President Donald Trump would need a reason, or cause, to fire Federal Reserve Chairman Jerome Powell.

Wall Street appears calm after President Donald Trump walked back his earlier threats to fire Federal Reserve Chair Jerome Powell.

WASHINGTON − An ideologically divided Supreme Court on July 14 allowed the Trump administration to fire hundreds of workers from the Education Department and continue other efforts to dismantle the agency. The court's three liberal justices opposed the order, the latest win for President Donald Trump at the high court.

Major construction work continues at the U.S. Federal Reserve building as U.S. President Donald Trump voices complaints about Fed Chair Jerome Powell, in Washington, D.C., U.S., July 14, 2025. REUTERS/Jonathan Ernst/File Photo (Reuters) -The spiraling cost of the Federal Reserve's years-long renovation of two historic buildings in Washington,