If President Donald Trump takes the unprecedented step of trying to fire Fed Chairman Jerome Powell, the effort would roil markets and likely be met with pushback in the courts. Trump and the Trump administration have increasingly turned their fire on Powell and his leadership of the central bank.

Investors, not the Fed, control the interest rates that matter most to businesses and consumers. They might demand higher returns if the central bank’s independence comes into question.

While Trump may be denying reports he will fire Powell, reports tell a different story. Here's what Tennesseans need to know about Powell and the Fed.

A new report shows inflation has picked up and analysts believe the prices of many goods increased, in part, because of President Trump’s tariffs. It will play into decisions by the Federal Reserve about when and whether to cut interest rates and comes as the president and his team have ramped up their pressure campaign on Fed Chair Jerome Powell.

A top official at the Federal Reserve on Thursday reiterated his call for an interest rate cut later this month, despite data showing ongoing resilience in the US economy and other central bankers pushing to keep rates steady.

Federal Reserve Chair Jerome H. Powell is resisting President Donald Trump’s calls for lower interest rates, saying the Fed should not take debt and deficits into account.

A top White House budget official said President Trump is "troubled" by Federal Reserve chair Jerome Powell's management, as Mr. Trump pressures him over interest rates.