Photo: Alex Wong/Getty Images

The life of Federal Reserve Chairman Jerome Powell is going from bad to worse. Trump is furious that Powell is raising interest rates quickly and even called the Fed the "biggest threat" to a booming economy.

What's happening: According to a source familiar with Trump's thinking, the president feels the only way to get his message to Powell is by bashing him in the media. And I've heard nothing to suggest Trump will back off these attacks.

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."

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11 mins ago - World

Europe faces "stronger and deadlier" coronavirus wave

Paris under curfew. Photo: Kiran Ridley/Getty Images

The coronavirus is still winning: Now even Germany is entering another national lockdown, joined by France.

Why it matters: France has been "overpowered by a second wave,” President Emmanuel Macron said in a nationally televised address today. Macron said the "new wave will be stronger and deadlier" than the first.

Stocks close down more than 3%

Photo: Alexi Rosenfeld via Getty Images

Stocks took a hit on Wednesday, with the S&P 500, Dow Jones Industrials Average and Nasdaq dropping more than 3% across the board.

Why it matters: The volatility is a break from the stock market grinding higher in the face of spiking coronavirus cases, a stalling economy and gridlocked negotiations over an additional stimulus package.

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