Donald Trump escalated his pressure campaign against Federal Reserve Chair Jerome Powell, threatening to remove him if Powell does not voluntarily leave office. The threat marks a significant step toward a direct confrontation between the White House and the central bank, an institution whose political independence underpins market confidence in U.S. monetary policy. Powell has not committed to resigning, leaving the standoff unresolved. Most past Fed chairs stepped down when their replacements were named, but Powell has declined to clarify his intentions. The practical and legal question is whether a president can legally dismiss the Fed chair for cause short of misconduct, a matter that has never been tested in a direct removal attempt. Markets would likely react sharply to any forced ouster, as central bank independence is a foundational assumption priced into U.S. Treasuries and the dollar. Investors and policy watchers should track any formal White House move and Powell's public response as the clearest signal of how far this confrontation will go.
India's Expenditure Finance Committee has cleared a Rs 1.25 lakh crore outlay for India Semiconductor Mission 2.0, up 64 percent from ISM 1.0's Rs 76,000 crore. The proposal now goes to the Cabinet, as two chip plants begin commercial output and a third, CG Semi, is set to open July 4, 2026.
The Supreme Court blocked Trump from firing Federal Reserve board member Lisa Cook, preserving the Fed's independence from presidential removal power. A separate ruling the same day gave Trump broader authority to dismiss leaders of other independent federal agencies.
The US Supreme Court has blocked President Trump's attempt to fire Federal Reserve governor Lisa Cook, who faced unproven mortgage fraud allegations. The ruling preserves Fed independence for now and keeps a politically charged removal case alive in the courts.
The US Supreme Court, splitting along ideological lines, has allowed the Trump administration to end Temporary Protected Status for Haitian and Syrian immigrants.
