Presidential Power

Trump publicly demanded Jerome Powell step down by May or face termination, escalating his war with the Federal Reserve before he even takes office. Powell's term runs until 2026, and Fed chairs have legal protections against political firing. The threat triggered a 0.3 percent dollar rally as traders bet on more aggressive pro-growth policies. Powell has already signaled he won't resign voluntarily, setting up the first constitutional test of Fed independence since the 1970s.

More than 50 House Democrats, including Nancy Pelosi and Alexandria Ocasio-Cortez, are calling for the 25th Amendment to remove Trump from office after his social media threat that "a whole civilization will die tonight" targeting Iran. The push follows Trump's April 8 statements critics describe as threatening genocide, with Rep. Chellie Pingree warning "this man has the nuclear codes." Success remains unlikely as it requires VP Vance and a Cabinet majority to declare Trump unfit—a Cabinet described as "subservient" by analysts.