Trump will likely fire Fed's Powell soon, Bloomberg reports
Separately, CBS News reported that Trump had asked Republican lawmakers if he should fire Powell, and several people in the room said he indicated he will do it.
The meeting with members of the House of Representatives took place in the White House's Oval Office on Tuesday night, CBS reported, citing multiple sources.
Trump has repeatedly criticized Federal Reserve monetary policy in recent months, angry over the central bank's refusal to cut interest rates. Fed officials have resisted cutting rates until there is clarity on whether Trump's tariffs on U.S. trading partners reignite inflation.
Trump has called for Powell to resign, but the president does not have the power to fire him over a monetary policy dispute.
Powell, who was nominated by Trump in late 2017 to lead the Fed and then nominated for a second term by Democratic President Joe Biden four years later, has said he intends to serve out his term as Fed chief, which ends on May 15, 2026.
Last week, the White House intensified its criticism of how the Fed is being run when the director of the Office of Management and Budget, Russell Vought, sent Powell a letter saying Trump was "extremely troubled" by cost overruns in the $2.5 billion renovation of its historic headquarters in Washington.
Powell responded by asking the U.S. central bank's inspector general to review the project.
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He comments, 'As we talk about the benefit of generative AI, for every dollar we invested, in that same year, we returned 2X ROI. This was free cash flow impacting ROI from multiple year business cases. A 2X return is going to grow to a run rate that contributes to AT&T's overall run-rate savings target of $3 billion by the end of 2027.' Markus continues, 'What's different this time is that we don't see the wall as we have with other technology evolutions, where you had a general idea of where the where the end was going to be while you're in the middle of it. In the case of AI, I don't think we see this wall yet. The wall keeps moving, if there even is a wall. That is something that I think is super exciting to be a part of.' He concludes, 'AT&T is an exciting place to work because the scale and complexity of our data is extremely unique. We see adoption across the board in using and reimagining how we do our work with an AI and data-driven mindset as a way to get to the next stage. We have business teams that you would never expect to be learning how to use AI that are doing so. They are chomping at the bit, knocking on our door to ask how they can be using AI to deliver better products and services to our customers. That's a great place to be!'
