Can Mr Trump actually fire Mr Powel l? Law, as currently understood, gives the central bank protection. The president can only remove the Fed chair “for cause” such as malfeasance—a standard that dates back to a Supreme Court ruling in 1935. Disagreeing about interest-rate decisions is not grounds for dismissal.

President Trump's ramped-up attacks on Federal Reserve Chair Jerome Powell have Washington Republicans bracing for a confrontation that could make the turmoil in the financial markets much worse and put the Fed’s independence and credibility in jeopardy.

Criticism from Donald Trump towards Fed Chair Jerome Powell is intensifying. Trump called the Federal Reserve chair a "major loser" on Truth Social and warned that the U.S. economy might slow down if interest rates are not immediately lowered.

Austan Goolsbee told CBS' "Fact the Nation" that central banks that have the ability to conduct monetary policy with no political tampering have better outcomes for their economies.

Federal Reserve Bank of Chicago President Austan Goolsbee warned against efforts to curtail the central bank’s independence, days after President Donald Trump expressed his displeasure with Fed Chair Jerome Powell.

CNBC’s Steve Liesman and Chicago Fed President Austan Goolsbee joins 'Squawk Box' to discuss the state of the economy, the Fed's inflation fight, rate path outlook, the central bank's dual mandate, impact of President Trump's tariff policy,