US Pres. Trump asks Republican lawmakers whether he should fire Fed Chairman Powell – CBS

Citing multiple sources with direct knowledge of the matter, CBS News reported on Wednesday that United States (US) President Donald Trump asked Republican lawmakers whether he should fire Federal Reserve (Fed) Chairman Jerome Powell.

According to the news outlet, the meeting with members of the House of Representatives took place at the Oval Office and several people who were present indicated that Trump will fire Powell.

Market reaction

The US Dollar (USD) came under renewed selling pressure with the immediate reaction to this headline. At the time of press, the USD Index was down 0.55% on the day at 98.10.

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GBP/USD rallies on US PPI dip and Trump’s potential Powell removal

The GBP/USD reverses its course and rallies as the latest US Producer Price Index (PPI) reignites hopes of a rate cut by the Fed, while headlines suggest that Trump could fire Fed Chair Powell. At the same time, inflation on the consumer side in the UK surprised investors, exceeding forecasts.