Federal Reserve Chair Jerome Powell has told several aides and allies that there is no chance he will yield to President Donald Trump's calls for him to step down, asserting his determination to endure months of unprecedented attacks from the president over his refusal to cut interest rates.

Powell has said in private conversations that staying in office is not just a personal choice but a defense of the Federal Reserve’s institutional independence, according to people familiar with those discussions. He believes resigning now would undermine the long-standing tradition of political non-interference in central banking.

Republican Senator Mike Rounds of South Dakota, who spoke with Powell personally about the issue, said: “He strongly believes it's his responsibility to preserve that independence. I asked him, and he said no, because stepping down would weaken the Fed’s independence.”

Powell's insistence on serving his full term through May 2026 means he remains a target of White House attacks aimed at pressuring the Fed to lower rates. This coordinated campaign has placed traditional Fed decisions under intense scrutiny and sparked new concerns about the economic fallout of political meddling in monetary policy.

Known as a calm, data-driven economist who served under President George H.W. Bush, Powell has maintained a nonpartisan reputation. His distance from day-to-day politics and moderately conservative leanings helped him gain bipartisan Senate support when Trump appointed him in 2017.

However, the pragmatic approach that once attracted Trump has now become a source of frustration. Trump has repeatedly expressed disappointment over Powell's refusal to heed his calls for rate cuts and has not tried to win him over personally.

Earlier this month, Trump said, “I think he’s terrible. Talking to him is like talking to a chair. He has no personality.”

Jump or Boil

Trump has escalated his attacks lately, openly wishing for Powell’s resignation and accusing him of sabotaging his presidency. He has called Powell “stupid,” “a fool,” and “one of the worst appointments I’ve made.”

Trump aides and allies have echoed those criticisms and spread unsubstantiated rumors of Powell’s imminent resignation. The White House has recently zeroed in on the Fed’s $2.5 billion renovation project, launching budget probes and implying it could serve as grounds for dismissal.

On Thursday, Trump visited the Fed’s headquarters to inspect the renovations and was personally guided by Powell. During the tour, Trump again urged for rate cuts, even patting Powell on the back and joking, “I’d love you if you lowered rates.”

Trump later said, “I just want one thing: Interest rates need to come down.”

Despite his harsh critiques, Trump reaffirmed that he does not plan to fire Powell, following advisors’ warnings that such a move could rattle financial markets and spark an economic crisis.

Still, Trump’s aides are working to make Powell’s tenure “as uncomfortable as possible,” hoping to damage his credibility or force a resignation.

Trump allies view the Fed renovation as a pressure point, likening the cost to “the everyday American struggling to afford a home” — a crisis they argue rate cuts could help alleviate.

One Trump advisor said, “Every day Jerome Powell stays in Washington is a gift to the president.” Comparing the pressure to the boiling frog metaphor, he added: “Either Powell jumps, or he boils.”

A Fed spokesperson declined to comment on the report, referring only to Powell’s previous statements committing to serve his full term.

Staying Professional

Despite the pressure, Powell has told confidants that he is focused solely on doing his job and disregards the political drama.

During Trump’s visit, the interaction seemed to ease tensions briefly, with Trump calling the meeting “very productive.”

Trump later added, “I don’t want to be one of those who complains after the fact. It got out of hand, and that happens.”

But the calm may be short-lived, as the Fed is expected to keep interest rates unchanged next week, potentially delaying any policy shifts until the fall — a move likely to upset Trump, who is seeking economic stimulus ahead of the upcoming midterm elections.

Nevertheless, Powell continues to insist that the Fed’s decisions should be based purely on economic considerations, free from political influence.

Bill English, a Yale economics professor and former Fed monetary affairs director, said, “The best defense for the Fed is making the right monetary policy decisions.”

“I feel for him, but the best thing he can do now is stay the course and do his job well,” he added.

Democrats Rally Around Powell

Outside of Trump’s orbit, Powell has received renewed support from Democrats — even from those who once criticized him for hiking rates under President Biden to combat inflation.

While those rate hikes had previously raised concerns among White House and Democratic officials about triggering a recession, former officials now defend Powell, fearing the consequences of a sudden resignation.

Jared Bernstein, former head of Biden’s Council of Economic Advisers, said, “He’s putting the institution’s interests above his own. If I were 72 and being insulted by the president every day, retirement would be tempting. But I believe Powell truly sees himself as protecting the institution.”

Some Republicans have also urged the White House to stop its attacks, arguing that reduced political pressure would make any future rate cuts more effective and less controversial.

Senator Rounds said, “Most senators understand market dynamics and how damaging it would be if there were signs the Fed was being coerced.” “Powell is in the right place. It’s a tough position, but I respect him for standing firm.”

US stock indices rose during Friday trading, moving near record highs as corporate earnings continued to flow in.

Intel shares fell by more than 9% as investors evaluated CEO Pat Gelsinger’s remarks regarding the company’s plans to scale back its third-party chip manufacturing operations.

Data from FactSet showed that 82% of companies listed on the S&P 500 index that have reported their earnings so far have exceeded Wall Street expectations, including Alphabet, which posted quarterly profits that beat estimates.

In trading, the Dow Jones Industrial Average rose by 0.1% (equivalent to 50 points) to 44,744 points as of 16:43 GMT, while the broader S&P 500 index increased by 0.2% (equivalent to 14 points) to 6,377 points, and the Nasdaq Composite Index rose by 0.2% (equivalent to 48 points) to 21,105 points.

US copper futures pulled back from record highs on Friday, pressured by a strengthening dollar against most major currencies. The drop comes just a week ahead of the scheduled implementation of US tariffs on copper imports, with the price gap between US and global benchmarks widening further.

On Thursday, the most actively traded September copper contracts on the US COMEX exchange rose 1.2% to $5.888 per pound, after reaching a record high of $5.959 per pound.

In contrast, three-month copper on the London Metal Exchange (LME) declined 0.2% to $9,910 per metric ton during official trading.

The price gap between COMEX copper and the global LME benchmark widened to 31%, up from 29% on Wednesday.

Although this gap still falls below the proposed 50% tariff level announced by US President Donald Trump, markets are closely watching for confirmation of the August 1 implementation date and the final list of copper products that will be subject to the new duties.

“We’re cautious about the current upward momentum in copper,” said Eva Manthey, commodities strategist at ING Bank. “Any changes in Trump’s tariff policy—such as exemptions or rate reductions—could reduce the COMEX premium.”

COMEX copper inventories have surged 163% over the past four months, though the pace of inflows has slowed recently.

Manthey added that this trend is likely to continue, which could improve copper availability outside the US and maintain downward pressure on global markets.

In addition to the looming US tariffs set for August 1, the metals market is also focused on upcoming trade talks between the US and China in Sweden next week, as well as ongoing US negotiations with other countries and investigations into potential tariffs on certain critical metals.

Meanwhile, the US Dollar Index rose by 0.3% to 97.7 points as of 16:27 GMT, after reaching a high of 97.9 and a low of 97.4.

As for trading, COMEX copper futures for September delivery dropped 0.8% to $5.75 per pound by 16:21 GMT.

Bitcoin slipped during Friday trading, pressured by large wallet activity and growing caution ahead of the upcoming Federal Reserve meeting, which coincides with the release of a major report on digital asset regulations scheduled for July 30.

The world’s largest cryptocurrency was last seen trading down 1.8% at $116,555.4 as of 12:45 GMT on CoinMarketCap.

This pullback followed a period of relative stability after Bitcoin hit a new record high above $123,000 last week.

Meanwhile, other digital assets also showed weak performance on Friday. While altcoins had posted sharp losses on Thursday, they later stabilized during the same session.

These moves came amid reports of large-scale selling by major wallets ("whales") and profit-taking driven by relatively elevated price levels.

Data from Arkham Intel (Nasdaq: INTC) revealed that Galaxy Digital transferred 3,420 BTC—worth roughly $395 million—to various exchanges within just 20 minutes on Thursday, along with another 250 BTC sent to an unknown address.

Fed meeting and crypto regulatory report in focus

Traders are now turning their attention to the Federal Reserve’s meeting on July 30. While markets largely expect interest rates to remain unchanged, investors will closely analyze central bank officials’ statements for clues on future monetary policy direction.

Meanwhile, White House crypto advisor Beau Hines announced this week that the Digital Assets Working Group has finalized its long-awaited 180-day regulatory policy report, which is set to be released publicly on July 30.

The report—mandated by an executive order issued in January—is expected to include details on the volume of Bitcoin seized by the US government, as well as guidance on how those assets are managed.

It is also anticipated to outline a comprehensive regulatory framework for the cryptocurrency industry in the United States.

Strategy raises preferred stock offering to $2.8 billion – Bloomberg

Bloomberg reported Thursday that Strategy (formerly MicroStrategy), listed on Nasdaq under the ticker MSTR, has significantly raised its preferred stock offering from $500 million to $2.8 billion.

Proceeds are expected to be primarily used to expand the company’s Bitcoin holdings, which have played a central role in its valuation over the past year.

Crypto prices today: Altcoins stabilize after volatile session

Most altcoins posted modest gains on Friday, regaining some stability after Thursday’s sharp losses.

- Ethereum rose 1.8% to $3,623.89

- XRP climbed 2.8% to $3.116

- Solana fell 1.6%

- Cardano added 3.1%

- Polygon advanced 2.8%

In the meme coin segment:

- Dogecoin edged down 0.4%

- $TRUMP token gained 1.7%