Trump and other White House figures have launched a multi-pronged attack on Powell as push the central bank to lower is key borrowing rate. Most recently, they have blasted Powell after renovations to the Fed's Washington headquarters, raising suspicion that Trump could try to remove the Fed leader for cause.

Economists interviewed by Newsweek warned that removing Powell now would roil markets, erode trust in U.S. institutions and ultimately hurt ordinary Americans.

President Trump asked a group of Republican lawmakers how they felt about him firing Federal Reserve Chair Jerome Powell and told them he would "likely" fire Powell "soon," according to two White House officials and sources familiar with the Tuesday evening meeting.