For a moment on Wednesday, it looked like President Donald Trump would finally attempt the improbable and fire Federal Reserve Chair Jerome Powell.

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.

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.

Trump and the Trump administration have increasingly turned their fire on Powell and his leadership of the central bank.

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.

The relationship between President Donald Trump and Federal Reserve Chair Jerome Powell has been fraught with tension, primarily due to Trump's criticism of the Fed's monetary policy.

Federal Reserve Chair Jerome Powell said Tuesday that “it may take longer than expected” for high interest rates to lower inflation. He also reiterated, however, that a rate hike is unlikely.

Right now, inflation is still hovering just above the Federal Reserve’s target and data is mixed. That’s why Fed Chair Jerome Powell is keeping rates steady, despite public calls for action