June 13, 2026
Global stocks edged higher while the dollar rose and the price of gold plunged after Trump announced his pick of Warsh
Trump sees Warsh and Hassett among Fed frontrunners, not Bessent
Powell has been threatened with a probe over the Congressional testimony he gave last summer
The White House says Trump did not order the investigation, but Trump, who has threatened to fire Powell, has called on him to resign
Republican Senators Tillis, Murkowski, Kennedy among several condemning probe
Powell has so far avoided public disagreement with Trump administration
Federal Reserve Chair Jerome Powell called the action a "pretext" to gain more influence over interest rates Trump wants cut dramatically
Fed cuts policy rate by a quarter of a percentage point as policymaker projections show two more cuts for remainder of 2025
