In a significant escalation of tensions, US President Donald Trump stated that Federal Reserve Chair Jerome Powell will be 'fired' if he does not resign. Trump expressed hope for the Senate's approval of Kevin Warsh's nomination to replace Powell. The ongoing investigation by the Justice Department, initiated in January regarding the renovation of the Federal Reserve's headquarters, has raised concerns about the independence of the Fed. Former Federal Reserve chairs, including Janet Yellen, Ben Bernanke, and Alan Greenspan, condemned the investigation, calling it an unprecedented attack on the institution's autonomy. Powell, who has resisted calls to resign, affirmed his commitment to serve until the investigation is resolved, stating he will not leave the board until there is transparency and finality. Trump's push for larger interest rate cuts continues, with the Fed maintaining rates at 3.5%–3.75% during its last meeting in March.