UPDATE: Jerome Powell Under Investigation For Fraud? Is Trump Firing Powell?

Supposedly, the investigation into Fed Chair Powell centers on potential fraud in the $2.5B renovation of the Fed's headquarters, not the reserve system itself.

 

Trump To Replace Fed Chair Jerome Powell

President Trump is very unhappy with the chairman of the Federal Reserve, Jerome Powell, and is now going to replace him.
He revealed this today aboard Air Force One, according to Reuters:

President Donald Trump said on Friday that a decision on the next Federal Reserve chair will be coming out soon, adding that a good Fed chair would lower interest rates.
“It’s coming out very soon,” Trump told reporters on Air Force One.
When asked specifically about former Fed governor Kevin Warsh, Trump said, “he’s very highly thought of.” Warsh is considered a frontrunner to be Trump’s pick to be the next Fed chair.
Earlier on Friday, Trump said the Federal Reserve should cut interest rates by a full percentage point and he reiterated his view that Chair Jerome Powell has been too slow to lower borrowing costs.
The president has repeatedly berated Powell for not cutting rates as he desires. The two men met face-to-face for the first time last week, with Trump telling Powell he was making a “mistake” by not lowering rates.