The Globe and Mail reports in its Friday edition that U.S. President Donald Trump criticized Federal Reserve chair Jerome Powell on Thursday for not cutting interest rates, stating he could fire him if he wanted to. An Associated Press dispatch to The Globe reports that Mr. Trump expressed his dissatisfaction, saying, "I'm not happy with him," and urged Mr. Powell to lower the Fed's short-term interest rate, adding, "Powell's termination cannot come fast enough!" Mr. Powell's term lasts until May, 2026. At a November news conference, Mr. Powell indicated he would not step down if Mr. Trump asked him to resign. In remarks Wednesday, Mr. Powell made clear that "our independence is a matter of law." He added: "We're not removable except for cause. We serve very long terms, seemingly endless terms." On Wednesday, Mr. Powell reiterated that the Fed is awaiting more clarity before taking action, noting that tariffs could worsen inflation. Wall Street banks like Goldman Sachs have raised the likelihood of an impending recession. Consumer sentiment is declining, with fears of rising inflation as import taxes impact prices. Yale's Budget Lab estimated that these tariffs could cost the average U.S. household about $4,900.