Larry Kudlow

Report: White House considered "legality of demoting" Fed Chair

This image is a two-way splitscreen between Powell and Trump.
Jerome Powell and President Trump. Photos: Scott Olson/Getty Images and Alex Wong/Getty Images

The White House considered the "legality of demoting" Federal Reserve Chair Jerome Powell in February, Bloomberg reported on Thursday.

The big picture: This, according to anonymous sources, reportedly took place after Trump discussed firing Powell last year following frustrations with the central bank's interest rate increases, per another Bloomberg scoop. Toward the end of 2018, Trump briefly mused about whether he could replace Powell with Kevin Warsh, a former Fed governor and aide to President George W. Bush.

Chinese newspapers take hard line on Trump

The Chengdu Commercial Daily, in the capital of Sichuan Province. (Photo courtesy Kevin Rudd)
The Chengdu Commercial Daily, in the capital of Sichuan Province. Photo via Kevin Rudd

Axios reader Kevin Rudd, the former Australian prime minister, sends this dispatch on the trade war, from Beijing: "This morning’s papers ... are quite hardline." Rudd calls the latest Chinese stipulations "a reasonably firm 'screw you.'"

Between the lines, from Sinocism's Bill Bishop: The Chinese are digging in, with official media over the weekend making it clear what China won’t agree to."