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Trump blasts Fed Chair Powell, saying his ‘termination cannot come fast enough’

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Washington
CNN
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President Donald Trump on Thursday ratcheted up his criticism against Federal Reserve Chair Jerome Powell, calling for his “termination” for not cutting interest rates quickly enough. His comments come one day after the central bank chief delivered a stark warning about the effect of Trump’s sweeping tariffs on the economy.

Trump’s first comments on Powell came early in the day, in a social media post. But the president continued ripping into the Fed chief later Thursday, in an Oval Office meeting, piling on political pressure for Powell to lower interest rates.

Ahead of an expected rate decision Thursday by the European Central Bank, Trump lashed out at the Fed leader, saying the US central bank is lagging behind. The ECB later announced it is cutting interest rates for the seventh time in the past year.

“Jerome Powell of the Fed, who is always TOO LATE AND WRONG, yesterday issued a report which was another, and typical, complete ‘mess!’ Trump wrote. “Powell’s termination cannot come fast enough!”

His comments come after Powell on Wednesday said at an event in Chicago that the Trump administration has brought “very fundamental policy changes,” including sweeping tariffs that are “significantly larger than anticipated.” He said such changes are unlike anything seen in modern history, putting the Fed in uncharted waters and on a path to confront a challenge it hasn’t seen in decades.

But Powell’s words weren’t unlike those of other Fed officials in recent weeks. Most have said Trump’s tariffs are likely to push up inflation and unemployment. Powell has carried out the Fed’s monetary policy by making decisions that are dependent on economic data in striving for the central bank’s dual mandate of maximum employment and stable prices. The ECB, which only focuses on price stability, also has a data-driven approach like the Fed.

“Let me just say very squarely, I have a lot of respect for my esteemed colleague and friend Jay Powell. We have a steady solid relationship amongst central bankers,” ECB President Christine Lagarde said Thursday in a news conference after the central bank announced its latest policy move. “I think that relationship is decisive in order to have a solid financial infrastructure on which to ensure there is financial stability.”

Meanwhile, some billionaires, such as Ray Dalio, have taken criticism of Trump’s tariffs a step further, saying the US economy might be in or near a recession already.

Powell was first appointed as Fed chair by Trump in 2018 and was later reappointed by President Joe Biden in 2022. His current term ends in May 2026.

Trump has on several occasions threatened to remove Powell from his post, and criticism of his Fed head stretches back to 2018, when Powell took the reins of the world’s most powerful central bank.

The Fed raised interest rates a handful of times that year over worries that a historically tight job market could spur higher inflation. In 2019, Trump even called Powell “the enemy.” In March 2020, Trump told reporters he had the “right to remove (Powell) as chairman” and that “he has, so far, made a lot of bad decisions, in my opinion,” after markets tanked amid the pandemic. But he also praised Powell for cutting rates to zero to prevent an economic collapse.

Trump doubled down on his criticism of Powell while taking questions from reporters in the Oval Office Thursday afternoon.

“I don’t think he’s doing the job. He’s too late. Always too late. A little slow and I’m not happy with him. I let him know it,” Trump said. “And if I want him out, he’ll be out of there real fast, believe me.”

“We have a Federal Reserve chairman that’s playing politics,” he said, adding that the Fed not cutting interest rates “plays right into (Europe’s) hands.”

“The Fed really owes it to the American people to get interest rates down, that’s the only thing he’s good for,” Trump said. “I think at some point he will. He’s going to have a lot of political pressure, you know they are political also and I think there’s a lot of political pressure for him to lower interest rates.”

The Fed declined to comment on Trump’s latest remarks.

But Trump’s desire to fire Powell is at odds with the view of his own Treasury secretary, Scott Bessent. Earlier this week, Bessent told Bloomberg in an interview that “monetary policy is a jewel box that’s got to be preserved.”

During his confirmation hearing in January, Bessent told congressional lawmakers that the Fed should remain independent. Doing away with it would not only rattle investors who are already anxious about Trump’s tariffs, but it could destroy the central bank’s credibility, which it needs to fight inflation. That’s as important as ever, with economists expecting tariffs to lead to higher prices. Countries with independent central banks generally have lower inflation.

For his part, Powell has pointedly noted that removing a Fed chair is “not permitted under the law,” and has said he intends to serve out the remainder of his term.

However, that legal protection, which comes as a result of the Fed’s status as an independent government institution, may be an open question. Trump has fired two Democratic members of the Federal Trade Commission, also a long-independent agency, arguing that their “continued service on the FTC is inconsistent with my administration’s priorities,” according to a Wall Street Journal report of a letter Trump sent to them.

On Wednesday, Trump fired two Democrats on the three-member board of the National Credit Union Administration, a federal insurer and regulator of credit unions. Todd Harper, one of the officials dismissed by Trump, said in a post on LinkedIn that his firing “is wrong.”

“It violates the bipartisan statutory framework adopted by Congress to protect credit union members and their deposits. The Trump Administration’s attack also undermines the independence, balance and important work of the NCUA,” Harper wrote. “If a President can fire an NCUA Board member at any time, how will we maintain public trust in our nation’s financial services regulatory system?”

Meanwhile, the Supreme Court is expected to revisit a case that could severely weaken the Fed’s independence.

The 1935 case, Humphrey’s Executor v. United States, established precedent over how much power a sitting US president has in removing agency heads. The case involved William Humphrey, “an aggrieved conservative commissioner on the Federal Trade Commission, who was fired by Franklin Roosevelt in 1933 over policy differences,” the Brookings Institution wrote in a 2018 analysis.

Humphrey died shortly after his dismissal, but his executor sued for damages. The Court ruled in favor of the executor, saying the Constitution does not say the president has the “illimitable power of removal.” In February, the Trump administration said the case should be overturned.

In addition to the FTC firings, Trump also fired a Democratic member of the National Labor Relations Board and another person serving on the Merit Systems Protection Board who identifies as a Democrat — both who have sued for their jobs back. Chief Justice John Roberts asked both sides to submit briefs last week.



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Trump administration ready to recognize Russian control of Crimea as part of framework to end Ukraine war, source says

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CNN
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The Trump administration is ready to recognize Russian control of Crimea as part of the US proposal to drive an end to the war with Ukraine, an official familiar with the framework told CNN on Friday.

Crimea, southern Ukraine, has been under Russian occupation since it was illegally annexed in 2014. Four other Ukrainian regions – Donetsk and Luhansk in the east and Kherson and Zaporizhzhia in the south – have also been partially occupied by Russia since its full-scale invasion in 2022.

There has been no immediate comment from Kyiv but the suggestion the US could recognize Russian control of Crimea is unlikely to be welcomed – Ukrainian President Volodymyr Zelensky said in March that his government would not recognize any occupied territories as Russian, calling that a “red line.”

Zelensky said at the time that the territories would “probably be one of the most sensitive and difficult issues” in peace negotiations, adding that, “for us, the red line is the recognition of the Ukrainian temporarily occupied territories as Russian. We will not go for it.”

The US proposal for an end to the war would also put a ceasefire in place along the front lines of the conflict, the source told CNN on Friday.

The framework was shared with the Europeans and the Ukrainians in Paris, France, on Thursday, the source said. It was also communicated to the Russians in a phone call between US Secretary of State Marco Rubio and Russian Foreign Minister Sergey Lavrov.

Despite US President Donald Trump’s claim that he would be able to end the war in Ukraine in one day, American attempts to reach a peace agreement have largely stalled in the face of Russian intransigence, leading to a growing sense of frustration in the White House.

After Rubio warned Friday that the US was ready to “move on” from efforts to bring peace to Ukraine within days if there were no tangible signs of progress, Trump offered a less hardline approach, saying that Rubio was “right” but projecting more optimism about the prospects of a deal.

Pressed on a timeline for the US to walk away, Trump said: “No specific number of days, but quickly, we want to get it done.”

The source that spoke to CNN on Friday said that there are still pieces of the framework to be filled out, adding that the US plans to work with the Europeans and the Ukrainians on that next week in London.

The Trump administration is simultaneously planning another meeting between Trump’s Middle East envoy Steve Witkoff and the Russians to get Moscow on board with the framework, the source said.

Russia has imposed a brutal and repressive regime on Crimea and its people over the past 11 years, human rights observers say, stomping out any sign of opposition.

The UN Human Rights Monitoring Mission in Ukraine has repeatedly reported on the human rights violations allegedly committed by Russia in occupied Crimea – from unlawful detentions, to sexual abuse and torture, to forcing people to send their children to Russian schools and training programs.

Russia has repeatedly denied accusations of human rights abuses, despite substantial evidence and victim testimonies.

Roughly 2.5 million people lived in Crimea before 2014 and many more would regularly visit the tourist hotspot, known for its beaches and nature reserves.

According to official data from the Ukrainian government, more than 64,000 have fled the peninsula to other parts of Ukraine since the annexation. However, Crimean NGOs estimate the number of refugees might be twice as high, as not everyone has officially registered with the government.

Meanwhile, Moscow has worked on its plan to “Russify” the peninsula. It put in place incentives to persuade Russian citizens to relocate to Crimea and the Ukrainian government estimated in 2023 that some 500,000 to 800,000 Russians had moved there permanently since it was annexed, with the number jumping sharply after the opening of the Kerch bridge that connects Crimea to Russia.

Maksym Vishchyk, a lawyer at Global Rights Compliance, a non-profit that advises the Ukrainian authorities on investigating and prosecuting international crimes, said Moscow has repeated the same pattern across other occupied territories.

“When Russia occupied the Crimean peninsula, it commenced a campaign of systematic targeting of communities or individuals it perceived as those who became an obstacle in the Russification campaign… with devastating effects on the social fabric in general, but also communities, families and individuals,” he told CNN in an interview last year.

“And Crimea has been kind of their playbook. Policies and patterns and tactics (Russia) applied in Crimea were then applied as well in other occupied territories. So, we see essentially the same patterns in all occupied territories, both since 2014 and since 2022.”



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Iran and US officials begin second round of high-stakes talks on Tehran’s nuclear program

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CNN
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A second round of high-level talks between US and Iranian delegations on Tehran’s nuclear program began in Rome on Saturday, amid tempered optimism about a diplomatic way forward.

Saturday’s negotiations come a week after an initial round was held in the Omani capital Muscat. Although the talks are in Italy, Oman is again as mediator between the US team, led by Special Envoy Steve Witkoff, and the Iranian one, led by Foreign Minister Abbas Araghchi.

The two countries have had decades of animosity and long been in dispute about Iran’s nuclear capabilities.

Washington wants Iran to stop production of highly enriched uranium, which it believes is aimed at building an atomic bomb. Iran this week doubled down on its right to enrich uranium, but has suggested it is willing to negotiate some compromises in return for sanctions relief to ease the pressure on its hard-hit economy.

Arriving in Rome for the meeting, Araghchi told reporters that Iran was committed to diplomacy with the US and said the opportunity for understanding must be taken.

Witkoff and Araghchi only met briefly during the first round – not since the Obama president has the US and Iran held full, direct talks.

The latest round is again a high-stakes engagement, and one that has been preceded by a flurry of diplomatic activity as allies and adversaries alike seek to both understand and potentially influence the aims of the talks.

They also come against a backdrop of hightened tensions in the Middle East. Iran’s network of proxies across the region has been weakened by Israeli attacks and US President Donald Trump has resumed the “maximum pressure” campaign of his first term against Iran.

Trump on Thursday suggested he is not eyeing imminent military strikes against Iran’s nuclear facilities, but the threat still looms.

“I’m not in a rush to do it because I think that Iran has a chance to have a great country and to live happily without death,” he said when asked about a New York Times report that he had waved Israel off such military action.

“I’d like to see that, that’s my first option. If there’s a second option, I think it would be very bad for Iran,” the US president added.

Ahead of the talks in Rome, Witkoff quietly met on Friday in Paris with Israel’s minister for strategic affairs and Prime Minister Benjamin Netanyahu’s closest confidant Ron Dermer and Mossad director David Barnea.

The Israeli government favors aggressive action against, not diplomacy with, Iran. Netanyahu’s office on Thursday argued Israeli “overt and covert operations” were the reason that “Iran does not currently possess a nuclear arsenal.”

US intelligence agencies warned that Israel will likely attempt to attack Iran’s nuclear facilities, CNN reported in February.

Witkoff was in the French capital with Secretary of State Marco Rubio for discussions on Ukraine, and the two discussed the upcoming Iran meeting with the so-called “E3” allies – France, Germany and the United Kingdom.

“For the Europeans, they have an important decision to make very soon on snapback – on the snapback of sanctions – because Iran is clearly out of compliance with the current deal,” Rubio said on Friday. “That’s going to be a factor in all this and that’s why it was important we talk to them about it before our talks on Saturday.”

“We’re hoping that talks continue and that they’re fruitful and that they’re – that they can lead to something,” the top US diplomat said. “We would all prefer a peaceful resolution and a lasting one.”

Araghchi visited Moscow before heading to Rome, meeting with both Russian President Vladimir Putin and Russian Foreign Minister Sergey Lavrov.

“We are hopeful, and we expect Russia to continue its supportive role in any new agreement,” Araghchi said in Moscow, according to the Associated Press.

The head of the UN’s nuclear watchdog, Rafael Grossi, said during a visit to Iran that the talks are “in a very crucial” stage, adding, “we know we don’t have much time.”

Since the withdrawal of the US from the Iran nuclear deal during Trump’s first term, Tehran has far exceeded limits on uranium enrichment, but has maintained it is not seeking a nuclear weapon.

Saudi Defense Minister Prince Khalid bin Salman Al Saud also traveled to Tehran this week in one of the highest-level trips by a Saudi official in decades.

It was a visit to improve diplomatic ties between Saudi Arabia and Iran and meant to signal that the Kingdom can play a role in de-escalation and brokering peace efforts, a source told CNN.

This source noted that the Saudis do not know what Trump plans in the talks with Iran, and that the assessment in Saudi Arabia is that they may be unpredictable and could be short-lived.

CNN’s Nic Robertson and Kareem El Damanhoury contributed to this report.



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What the UK ruling on the definition of ‘woman’ means for same-sex spaces, culture wars and more

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London
CNN
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The United Kingdom’s Supreme Court has ruled that a woman is defined by “biological sex” under the country’s equality law – excluding transgender women – in a case that is expected to impact accommodations for trans women in bathrooms, hospital wards, sports clubs and more.

The court ruling on Wednesday is limited to defining the term “woman” within the country’s Equality Act 2010, meaning trans women are no longer protected from discrimination as women, although they remain protected from discrimination in other forms.

But in practice, the impacts of the ruling are likely to be wider than the court suggested. The UK’s equalities regulator has said it will issue new guidance on single-sex spaces following the decision.

The ruling has also energized the polarized debate surrounding transgender rights.

Judges said the ruling should not be seen as the victory of one side over another. But trans rights advocacy groups have called that “an insult” and condemned the court decision as exclusionary, contradictory and concerning for the trans and non-binary communities.

The group of women’s rights campaigners that brought the case, For Women Scotland, popped champagne corks outside the court and said it was grateful for a decision that recognized the need for protections based on biological differences.

Here’s what the ruling means in practice:

Implications for equalities law and single-sex spaces

The head of the UK’s Equality and Human Rights Commission said Thursday that it will issue new guidance on single-sex spaces by this summer.

Those spaces will likely include women-only bathrooms, changing rooms, hospital wards, hostels, prisons, sports clubs, domestic violence women’s shelters and more.

Kishwer Falkner, the chair of the Equality and Human Rights Commission (EHRC), said in an interview with the BBC on Thursday that “the ruling is enormously consequential,” and it brings “clarity” that “single-sex services like changing rooms, must be based on biological sex.”

Falkner said that trans people can advocate for neutral third spaces, such as unisex toilets or changing rooms, given that “the law is quite clear” that they “should not be using that single-sex facility.”

Falkner also said the UK’s National Health Service must update its guidance on single-sex medical wards to be based on biological sex. Current NHS policy is that trans people should be accommodated according to the way they dress, their names and their pronouns.

Members of the public take part in the Trans+ Pride march in July 2024 in London, England.

The ruling will also have implications for policing and prisons. The British Transport Police said in a statement that it would adopt an interim position that “any same sex searches in custody are to be undertaken in accordance with the biological birth sex of the detainee.”

Meanwhile, many businesses and organizations have said they are reviewing the ruling and not yet making any changes. British media report that the EHRC has been inundated with questions from businesses and public bodies regarding what the ruling means for schools, office buildings and women’s charities.

“Our updated guidance will cover service providers and public authorities, as well as some other areas; so both schools and sports clubs will be covered,” a spokesperson for the EHRC told CNN.

Trans people remain protected from discrimination on the grounds of gender reassignment, which is a protected characteristic under the equality legislation. The law also protects against discrimination by perception, which is when someone thinks you are the opposite sex.

The Supreme Court decision will impact women’s sports, but exactly how is unclear given that new guidance is in the works and many sports bodies and grassroots sports organizations already have their own policies in place.

Faulkner echoed the stance of World Athletics, telling the BBC that trans women cannot take part in women’s sports.

Guidance on transgender inclusion has already been published by all the sports councils covering England, Northern Ireland, Scotland and Wales, as well as UK Sport, which supports high-performance athletes. But it’s not yet clear how that guidance will be updated.

“We are now considering what the ruling means for grassroots sports and clubs,” a Sport England spokesperson said in a statement.

The trans community is “absolutely devastated, because this is clear that but there is no upside to this. We have been basically stripped of the right to exist within UK society,” said jane fae, one of the directors of the advocacy group TransActual UK.

“What this has done is we’ve put the UK back from where it was in terms of human rights,” fae told CNN, adding that the ruling appears to undermine the UK’s Gender Recognition Act 2004. “Here we are 20 years later, and it’s been completely, effectively thrown out of the window.”

Under that act, trans women could obtain a gender recognition certificate (GRC) for legal recognition of their female gender. But following the Supreme Court Ruling, those certificates appear to be only relevant in terms of deaths, marriages and pensions.

While the UK equalities watchdog talked of “clarity,” trans rights campaigners have said the Supreme Court Ruling raised more questions than answers, especially when it comes to the utility of gender recognition certificates and enforcement of “women’s spaces.”

TransActual has criticized the court for not providing a clear definition of the terms “women’s spaces” or “biological sex.” The ruling says a biological woman is someone “who was at birth of the female sex,” but it’s unclear how intersex people fit into the ruling or what accommodations should be made for trans women who have female anatomy parts (like breasts).

Although the court said it was not its place to rule on public arguments on the meaning of gender or sex, the decision has taken aim at a central argument of trans activists and progressive groups — that trans women are women.

And in doing so, it has ignited fears of broader “culture wars,” divisive policies and new restrictions in the UK.

On gendered bathrooms, for example, “the UK has had a much more laissez-faire attitude… what we seem likely to be about to see is the sort of imposition of an American style, ‘this is how loos should be,’ sort of thing,” fae said. “It’s Trump-ian.”

The chair of the Equality and Human Rights Commission (EHRC) Kishwer Falkner has said that trans people can advocate for neutral third spaces, such as unisex toilets or changing rooms.

Following the ruling, JK Rowling, who financially backed the case, posted on social media: “I love it when a plan comes together.” The author and women’s rights campaigner has been previously criticized for anti-trans comments.

Other campaigners celebrated outside the court, singing “women’s rights are human rights” and holding up signs reading “Fact is not hate: only women get pregnant.”

But the backlash has been swift. Other women’s rights groups and LGBTQ+ advocacy organizations have condemned the ruling and said it rolls back protections provided by the Equality Act.

“Any backsliding should be of concern to everyone that stands against discrimination and oppression in all its forms,” said Scottish feminist organization Engender.

Stonewall, an LGBTQ+ rights charity, said that it shared “the deep concern at the widespread implications” of the court ruling. “It will be incredibly worrying for the trans community and all of us who support them,” it said in a statement, also highlighting that trans people are still protected against discrimination.

A coalition of pro-trans organizations and unions has called for a protest in London on Saturday, saying that the ruling “represents the culmination of the concerted transphobic campaigning we have seen in recent years.”

British Prime Minister Keir Starmer has so far been silent on the ruling. But a UK government spokesperson said single-sex spaces “will always be protected by this government.”

“We have always supported the protection of single-sex spaces based on biological sex. This ruling brings clarity and confidence, for women and service providers such as hospitals, refuges, and sports clubs,” the spokesperson said.

Starmer and the Labour Party have long struggled with how to address issues of sex and gender. The Supreme Court Decision means the prime minister can avoid wading into the divisive debate and point to the court’s language.

Meanwhile, the opposition Conservative Party has attacked him for past statements that trans women are women and calling for inclusivity in the debate.

“Saying ‘trans women are women’ was never true in fact and now isn’t true in law, either,” Conservative Party leader Kemi Badenoch said in reaction to the court ruling which see called “a victory for all of the women who faced personal abuse or lost their jobs for stating the obvious.”

Badenoch has also called for a review of equality acts and the Gender Recognition Act “to ensure that they are there to prevent discrimination, not for social engineering.”

The government’s next challenge will be wrestling with how to ensure public bodies, businesses and organizations implement the changes surrounding single-sex spaces.



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