Tensions between Jerome Powell and Donald Trump have escalated further over the past 24 hours, with the Federal Reserve chair criticising the administration’s trade policy and the US president calling for the head of the country’s central bank to step down.
In a speech yesterday (April 16), Powell said the tariffs had been “significantly larger than anticipated”, and “the same is likely to be true of the economic effects”. Those effects, he said, would include higher prices and slower growth.