Overview

• The Truth Social image shows Trump pointing at Jerome Powell with “YOU’RE FIRED!” as Powell holds a box, drawing more than 4.5 million views within a day.
• Markets wobbled briefly after the post, with Dow futures down about 0.5% pre-open and the 10-year Treasury yield up roughly five basis points.
• Powell reiterated on Sept. 23 that the Fed serves the public, not politics, days after the central bank delivered its first rate cut of the year on Sept. 18.
• Legal experts cite recent Supreme Court guidance that a Fed chair cannot be removed without cause, and Powell’s term runs through May 2026.
• The administration’s broader pressure campaign includes an attempted removal of Gov. Lisa Cook and a temporary Board appointment, with Cook’s challenge continuing in court.