Fed up: Jerome Powell's rough road

Another problem for the Fed: Trump's nominee for the central bank's board of governors, Nellie Liang, has significant problems with Republicans and may not even make it to the Senate floor for a vote.

• A number of key Republican senators, including Pat Toomey on the Senate Banking Committee, have expressed doubts about her.
• Liang favors strong regulations on banks and is a Democrat. It's unclear whether she can even make it out of committee.

The bottom line: "There's a better chance of seeing Elvis than of seeing her on the Fed," a source close to Republican leadership told me. Mitch McConnell is "not going to call a vote on somebody who has no support among Republicans. That's not how Mitch works."

Go deeper:

• Trump hits Fed Chair Jerome Powell for rate hikes, again
• Powell reiterates steady rate hike plan, economic strength
• Trump pulls the Federal Reserve into his trade war