Trump sets stage for showdown with Powell over who runs the Fed in mid-May

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President Donald Trump has now threatened to fire Federal Reserve Chairman Jerome Powell if he doesn’t step aside when his term ends in mid-May, setting the stage for a legal battle as the nomination of Powell’s successor is in limbo.

The escalation came Wednesday morning when the president said he planned to fire Powell if he tried to stay on as acting chairman beyond the end of his term, if his replacement has not been confirmed.

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