Can Trump fire Federal Reserve Chair Jerome Powell? Here's what to know.
CBSN
President Trump remains on the attack against Jerome Powell, deriding the Federal Reserve chief in a social media post on Monday as a "major loser" and pressing him to lower interest rates "NOW."
The latest blast comes just days after Mr. Trump said on April 17 that Powell's "termination cannot come fast enough." On Friday, National Economic Council Director Kevin Hassett also said the Trump administration is studying whether firing Powell is an option.
Interest rates are at the heart of Mr. Trump's complaint about Powell's performance, with the president arguing that the Fed should act to lower the cost of borrowing for consumers and businesses. The Fed has held its benchmark rate steady since its most recent cut in December because inflation has remained sticky, challenging the bank's efforts to bring price increases more in line with its 2% annual target.
President Trump says he will announce his nominee for Federal Reserve chair Friday morning, as he presses the central bank to cut interest rates.
Prosecutors in Minneapolis warn more could resign over handling of fatal shooting cases, sources say
Federal prosecutors in Minneapolis this week questioned the U.S. attorney over the lack of any civil rights investigations into two fatal shootings by immigration agents, and warned that more people could resign in protest if things don't change, multiple sources told CBS News. In:
Kentucky family battling extreme cold brings newborn calf inside to keep warm: "She was just frozen"
A Kentucky family battling extreme cold temperatures on their farm over the weekend opened their home to a newborn calf that was struggling in the deep freeze. In:
The Trump administration's deployment of troops to six different U.S. cities last year cost roughly $496 million through the end of December, according to estimates released by the Congressional Budget Office this week.
The founder of First Brands and his brother were indicted on fraud charges Thursday, the latest development in a legal saga involving the beleaguered auto parts company, which filed for bankruptcy in September. Edited by Aimee Picchi In:
Uber wants to capitalize on the emergence of self-driving cars — not by handing the wheel to AI-powered drivers, but rather by tapping the mountain of potentially valuable data the rideshare company could collect in the billions of trips it handles every year. Edited by Alain Sherter
As the Trump administration continues to prepare military options for strikes in Iran, U.S. allies in the Mideast, including Turkey, Oman and Qatar, are attempting to head off that possibility by brokering diplomatic talks, multiple regional officials told CBS News. Camilla Schick and Eleanor Watson contributed to this report.
Unlike the buoyant U.S. stock market, the dollar is sinking fast. Edited by Alain Sherter In:
Researchers at Oregon State University have collected new data about an elusive forest carnivore "renowned for its cuteness" that was nearly driven to extinction in the 20th cetury. In:
Washington — President Trump will sign an executive order Thursday afternoon to coordinate a federal government response to drug addiction and substance abuse. Jennifer Jacobs contributed to this report.
Some American citizens have begun carrying their passports in Minneapolis, fearful that they'll be mistaken for undocumented immigrants and detained amid a surge of federal agents to the city. In:
Another winter storm may be headed toward the East Coast of the United States this weekend, on the heels of a powerful and deadly system that blanketed huge swaths of the country in snow and ice. The effects of that original storm have lingered for many areas in its path, and will likely remain as repeated bouts of Arctic air plunge downward from Canada and drive temperatures below freezing. Nikki Nolan contributed to this report. In:
Paying for health care has become Americans' top financial worry after Congress failed last year to extend some Affordable Care Act subsidies, triggering premium spikes for millions, a new survey finds. Edited by Aimee Picchi In: