Trump vs. Fed: Warsh Nomination in Jeopardy

0:00President Trump is turning up the heat on Federal Reserve Chair Jerome Powell, saying he'll fire him if Powell doesn't step down by the end of his term on May 15. Trump's pushing his nominee, former Fed Governor Kevin Worsh, to take over. But Powell's got just about a month left and talk of him staying on his, stirring drama. Trump admitted he's held back from firing Powell so far to avoid controversy, but he's fed up with the Fed's high interest rates in once cuts now. Worsh shares that view, and has slammed the Fed for keeping rates too high, which lines up with Trump's demands since he returned to office in January 2025. Senators are pushing back hard on Worsh's nomination, set for a hearing on April 21. Republican Tom Tillis from North Carolina says he'll block it until the Justice Department's criminal probe into the Fed headquarters renovations. Raps up, calling the whole thing absurd. Trump showed up unannounced at the construction site this week, keeping the investigation alive.

1:01Trump questions why a project, he says, could have cost $25 million, is ballooning toward $4 billion, hinting at incompetence, or worse. Powell fired back in January, labeling it a pretext for not-slashing rates. With the Supreme Court ruling still pending on whether Trump can even fire Fed board members without cause, this power clash leaves the central banks. After hanging in the balance and markets watching every move, that's your update from Adelaide News today, powered by AI.