Trump Vs. Powell: Is Jerome Powell Getting Fired?!
Trump Slams Fed Chair Powell Over Delayed Rate Cuts, Citing ECB’s Move and Market Pressure, While Tensions Grow Over Potential Removal and Coinbase International’s $100 Billion BTC Futures Surge.
Because Bitcoin
April 17, 2025
Trump Slams Fed Chair Powell as “Too Late” on Rate Cuts Amid ECB Move and Market Pressure
Donald Trump has renewed his attacks on Federal Reserve Chair Jerome Powell, calling him slow to act on interest rate cuts despite falling inflation. Following the European Central Bank’s rate cut on April 17, Trump criticized Powell on Truth Social, declaring that “Powell’s termination cannot come fast enough.” Florida Senator Rick Scott echoed Trump’s call for new leadership at the Fed.
These remarks challenge the longstanding tradition of political non-interference with the central bank, especially concerning the chair’s position. Powell, speaking a day earlier, reaffirmed that the Fed’s independence is legally protected and indicated he plans to serve out his term through May 2026.
As the Fed maintains a cautious stance amid rising trade tensions and moderating inflation, crypto and broader risk assets continue to closely track Fed policy. A recent academic paper showed that over 65% of Bitcoin’s price movements are now linked to liquidity conditions driven by Fed actions. While the Fed is unlikely to cut rates in May, markets are pricing in a growing chance of a cut by June.
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Trump Privately Explored Firing Fed Chair Powell, Considered Kevin Warsh as Replacement
Donald Trump has been privately discussing the possibility of firing Federal Reserve Chair Jerome Powell for several months, according to a Wall Street Journal report. Trump reportedly spoke with former Fed Governor Kevin Warsh about replacing Powell, though Warsh advised against such a move, urging the former president to let Powell finish his term, which runs through May 2026.
The discussions reportedly took place at Trump’s Mar-a-Lago estate in February, with additional conversations occurring as recently as March. Although Trump has not made a final decision, removing Powell would be legally complex and could trigger a Supreme Court battle. The Federal Reserve Act only permits the dismissal of Fed officials “for cause,” and Powell has previously stated his removal would not be lawful.
Treasury Secretary Warns Trump Against Firing Fed Chair Powell Amid Market Instability
Treasury Secretary Scott Bessent has privately cautioned White House officials that firing Federal Reserve Chair Jerome Powell could destabilize financial markets, a warning that aligns with President Donald Trump’s increasing frustration with Powell’s refusal to cut interest rates. Despite Trump’s public criticism, including a post on Truth Social demanding Powell’s termination, market insiders believe Trump may be using the threat of removal to pressure Powell rather than seriously pursuing it.
The Fed’s cautious stance on interest rates, amid ongoing trade war tensions, has left Trump dissatisfied, but attempting to remove Powell would likely spark a legal battle. Federal law restricts the president from dismissing Fed officials except “for cause,” a provision meant to protect the central bank’s independence. Powell’s term runs until May 2026, and his position appears safe for now, despite Trump’s continued dissatisfaction.
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Coinbase International Surpasses $100 Billion in BTC Perpetual Futures, Strengthening Position in Derivatives Market
Coinbase International’s perpetual futures platform has seen substantial growth, processing nearly $100 billion in Bitcoin perpetual futures volume over the past week. This surge has made Bitcoin perpetuals the exchange’s largest market segment. Coinbase International, which operates as a Bermuda-licensed derivatives exchange, offers sophisticated trading products not available on Coinbase’s U.S. platform due to regulatory constraints.
The recent spike in trading activity coincided with market volatility triggered by tariff uncertainties, highlighting Bitcoin’s resilience and reinforcing its role as “digital gold.” This trend mirrors the performance of traditional gold, which also reached all-time highs, suggesting a broader shift toward store-of-value assets during times of economic uncertainty.
Regulatory factors may contribute to Coinbase International’s growing presence in the derivatives space, as its Bermuda operations offer a compliant avenue for global traders to access leveraged crypto products unavailable in many regions. This offshore structure supports institutional and retail confidence in the platform.
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