In a social media post last month, Trump gave the Fed chair the nickname “Too Late” and mused about his termination. “Too Late should have lowered Interest Rates, like the (European Central Bank), long ago, but he should certainly lower them now. Powell’s termination cannot come fast enough!” Trump wrote in a Truth Social post April 17.

In a high-stakes ruling that expands presidential authority over independent federal agencies, the U.S. Supreme Court had one notable exception, the Federal Reserve.