☕ Can Trump fire Powell?

It’s Friday.

Students and staff at Florida State University are piecing together the events of yesterday, attempting to answer questions as to why a 20-year-old student opened fire, killing two people. We’ve broken down the latest from FSU below.

I’ve got 30 seconds

Some headlines from this morning:

• Ukraine and the US have signed a memorandum of intent for a minerals deal, with President Trump saying details are still being clarified. Officials say the agreement is a precursor to a long-awaited Ukraine-US minerals deal that could be finalised as early as next Friday. President Trump has advocated for an arrangement to see the US take control of a significant portion of Ukraine's extensive stores of rare minerals. Initial mineral deal talks earlier this year were frustrated by the US's refusal to give Ukraine security guarantees in exchange for the minerals.

• The Trump administration has said Harvard will lose its certification to host foreign students unless it provides information on student visas requested by Homeland Security Secretary Kristy Noem. Noem requested the information about visa holders on Wednesday and gave Harvard until April 30 to comply. Harvard responded, saying it would not "relinquish its independence" to the administration's demands. The university's non-compliance with previous administration requests has already cost Harvard $2.2 billion in federal funding and threatened its tax-free status.

• The alleged killer of UnitedHealth Care CEO Brian Thompson has been indicted by a federal jury on two counts of stalking, one count of murder, and a firearms offense. Luigi Mangione faces several state charges in addition to the federal indictment, which is the first step in the widely publicized criminal proceedings. Both federal and state prosecutors allege Mangione shot Thompson with a silenced pistol in protest of the current US health system. The Justice Department announced last month that federal prosecutors would seek the death penalty for Mangione if he is convicted of murder.

• Google's parent company, Alphabet, has been found liable for "willfully acquiring and maintaining monopoly power" over publisher ad servers and ad exchanges. Publisher ad servers and ad exchanges are essential tools in the online advertising ecosystem, allowing companies to publish digital ads. The Justice Department sued Alphabet for depriving the online ad market of viable competition, which it argued ensures low prices and innovation. Judge Brinkema wrote that Google's actions had harmed competition and "consumers of information on the open web." Alphabet has stated it will appeal the decision.

I’ve got 1 minute

Two people are dead and six injured after a shooting at Florida State University on Thursday.

Police have identified the shooter as Phoenix Ikner, a 20-year-old FSU student and son of a Leon County deputy sheriff. Ikner was shot and wounded by police after failing to obey commands.

What happened?

At about midday on Thursday, Florida State University security warned students and staff to seek shelter after gunfire was reported near the student union.

The shelter warning was lifted at 3:20 PM, though students were told to avoid the student union and eight other buildings still considered an active crime scene.

Police said Ikner opened fire inside the student union using his mother's revolver, which was a former service weapon. He was also found with a shotgun.

After subduing Ikner, police confirmed two people were fatally shot. Neither victim was a Florida State student, but no further details have been released about those killed or injured.

The shooter

Ikner is currently in stable condition in the hospital. He previously served on the Leon County Police Youth Advisory Board, and his mother has 18 years of service as a police officer.

Authorities have not yet determined a motive for the shooting.

Florida State University has cancelled Friday classes as the campus recovers. Police have confirmed that the investigation is still in its early stages.

Response

Ikner is currently in stable condition in the hospital. He previously served on the Leon County Police Youth Advisory Board, and his mother has 18 years of service as a police officer.

Authorities have not yet determined a motive for the shooting.

Florida State University has cancelled Friday classes as the campus recovers.

I’ve got 2 minutes

President Trump has accused Federal Reserve Chair Jerome Powell of "playing politics," warning, "If I want him out, he'll be out real fast, believe me."

The remarks followed Powell's announcement that Trump's Liberation Day tariffs would likely trigger "higher inflation and slower economic growth."

It's the latest clash between Trump and the Federal Reserve Chair as they disagree over interest rates. President Trump says the Federal Reserve should lower rates, reflecting what he sees as a strong economy.

Powell has so far refused, instead raising or keeping rates steady, saying inflation remains a threat to the economy.

The comments have renewed concerns about potential threats to the Fed's long-term independence from the presidency.

What is the Fed?

The Federal Reserve Bank was created in 1913 to maintain stability in the US financial system by responding to economic disruptions through tools like interest rate adjustments.

While established by Congress, the Fed is designed to make decisions independently of political influence.

The Fed has been in the spotlight recently for raising, pausing, or cutting interest rates to combat ongoing inflation. These decisions affect everything from credit card rates to mortgage costs.

What does the Chair of the Fed do?

Jerome Powell is the Chair of the Federal Reserve's Board of Governors, overseeing a seven-member board that decides how the Fed responds to economic conditions.

The Chair sets the Fed's policy direction and serves as its chief spokesperson, guiding the central bank's approach to economic challenges.

Fed Chairs serve four-year terms. Powell, first appointed by President Trump in 2018, is now in his second term, which runs until early 2026.

Can Trump fire Powell?

Conventional legal interpretation suggests a president cannot fire independent agency heads at will. Removing a Fed Chair mid-term typically requires proof of misconduct.

The Trump administration plans to challenge legal precedents that support this interpretation. A related case is already before the Supreme Court.

The Chief Justice recently refused to reinstate two independent agency board members dismissed by the administration while the court considers the merits of the challenge.

Powell said he is following the case but has stated he does not "think that [the] decision will apply to the Fed."

It remains unclear whether the President intends to attempt to terminate Powell's position.

What happens now?

The President may ask Powell to resign, but when asked during Trump's first term if he would accept such a request, Powell answered simply, "No."

Powell has consistently defended the Fed's independence throughout his tenure. If the administration attempts to remove him, legal challenges would likely follow immediately.