Privately, White House officials acknowledge uncertainty about Trump firing Powell solely based on accusations he mismanaged a multi-year renovation project.

National Economic Council Director Kevin Hassett defended Donald Trump’s newly unveiled 50% tariff against Brazil on ABC News' "This Week."

President Donald Trump's renewed calls for Federal Reserve Chair Jerome Powell's resignation have prompted investors to protect portfolios against the risk of higher inflation, as a central bank more willing to lower interest rates could fuel price rises and make lenders demand higher compensation to hold bonds.

The investigation into cost overruns on a renovation of Fed headquarters is drawing concern that it's a pretext to eventually fire the central bank chief.

Patriotism is now being used as an inflation control strategy by the White House, according to economic advisor Kevin Hassett, who on Monday told CNBC’s

During a White House event on June 12, Trump told an audience of Republican lawmakers and private sector supporters that his tariffs "haven't even kicked in yet."

White House officials have raised the heat on Powell to lower rates. Now he’s faced with two key Fed officials who have said they could favor a cut in July.