Overview

• President Trump shared on Truth Social an image depicting him dismissing Jerome Powell, echoing his calls for deeper interest-rate cuts after the Fed lowered its benchmark to 4.75%–5.00% on Sept. 18.
• CNBC reported that the image appeared to be AI-generated or digitally illustrated.
• A recent Supreme Court decision indicates the president lacks authority to remove Federal officials at will, and Powell has said his firing is not permitted under the law.
• Reports differed on market impact, with Times Now citing brief turbulence in futures and Treasury yields while CNBC said financial markets largely showed little reaction.
• The confrontation follows the administration’s attempt to remove Fed Governor Lisa Cook, a dispute now before the Supreme Court, with the Justice Department telling the justices that her ouster would not harm markets.