Trump has been highly critical of Jerome Powell this year, pressuring him to cut rates. The Fed Chair has said he's awaiting further clarity on inflation.

The New York Times was first to report, Trump waved a draft letter firing Powell during a meeting with House Republicans, and soliciting their opinions on whether he should proceed. The next day, Trump confirmed that was true: “I talked about the concept of firing him,

Many on Wall Street have privately worried that political pressure will undermine the Federal Reserve’s credibility.