Why is Trump unhappy with Fed Chair Jerome Powell, and what does the Federal Reserve do?

President Trump asked about the idea of firing Federal Reserve Chair Jerome Powell in a meeting with lawmakers this week, CBS News has reported, a legally untested move that follows years of on-and-off criticism of the Fed leader leveled by Mr. Trump.

The president's gripes with his handpicked Fed chair — whom he has called a "numbskull," a "Trump Hater" and a "stubborn mule" — have largely focused on the central bank's decision to keep interest rates relatively high so far this year, part of an inflation-fighting campaign. Mr. Trump has also taken aim at Powell's handling of a Federal Reserve office renovation project.

Mr. Trump asked a group of House Republicans if he should fire Powell during a Tuesday night Oval Office meeting, sources told CBS News earlier this week. The president told reporters a day later it's "highly unlikely" he'll fire Powell, though he confirmed he spoke to lawmakers about "the concept of firing him," and "almost all of them said I should."