Trump Lashes Out at Powell. But Can the President Fire the Fed Chair?

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• 00:03

  President Trump hints at dismissing Fed Chair Jerome Powell, but can he do that?

• 00:08

  If the president gets his way, it essentially turns the Fed chairman to an at-will employee like the Treasury Secretary,

• 00:14

  and it means that monetary policy is effectively under the control of the president.

• 00:19

  Plus, a federal judge rules that Google operates an illegal monopoly of online advertising.

• 00:24

  And private equity, one of Wall Street's most consistent profit engines, is close to breaking down.

• 00:30

  It's Thursday, April 17th.

• 00:32

  I'm Alex Ocilla for The Wall Street Journal.

• 00:34

  This is the PM edition of What's News, the top headlines and business stories that move the world today.

• 00:46

  Today President Trump has taken aim at Fed Chair Jerome Powell.

• 00:50

  Yesterday,

• 00:51

  Powell had warned that the Fed could face a difficult trade-off as tariffs raise prices and weaken the economy.

• 00:56

  This morning, Trump posted on TruthSocial that, quote,

• 01:00

  Powell's termination cannot come fast enough, adding that the Fed chair,

• 01:03

  quote, is always too late and wrong, and that he should be cutting interest rates as other central banks have done.

• 01:10

  Later this afternoon, in a press conference in the Oval Office with Italian Prime Minister Giorgio Maloney,

• 01:15

  Trump was asked again about Powell.

• 01:18

  The reporter noted that Powell says he won't leave even if Trump asks him to.

• 01:22

  Oh, he'll leave if I ask him to, he'll be out of there, but I don't think he's doing the job.

• 01:30

  He's too late, always too late, a little slow, and I'm not happy with him.

• 01:36

  I let him know it, and if I want him out, he'll be out of there real fast, believe me.

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