Wall Street cautions against firing Powell, Nvidia's geopolitical balancing act pays off, and banks score an 'A' from investors on Q2 earnings

In 1997, billionaire Carlyle co-founder David Rubenstein hired a then-relatively unknown member of the George H.W. Bush administration named Jerome Powell. Over the course of eight years, Powell led the private equity firm's industrial group and was a partner.

The White House accuses the Fed chair of potentially "violating the law" in his renovation of the central bank's Washington, D.C., headquarters.

Jerome Powell has been the Federal Reserve Chair since February 2018. Trump nominated Powell in 2017, but now calls for him to resign. Bessent is

His comments follow President Donald Trump’s intensified criticism of Federal Reserve Chairman Jerome Powell, accusing him of undermining the US economy with high interest rates, while simultaneously unveiling sweeping new tariffs targeting Canada, the European Union, Mexico, and Brazil.

President Trump has the authority to fire Federal Reserve Chair Jerome Powell for cause if evidence supports that, White House economic adviser Kevin Hassett said on Sunday, and that the Fed “has a lot to answer for” on renovation cost overruns at its Washington headquarters.

The president floated the idea of firing the Fed chief to lawmakers, then said such a move was "very unlikely."