Alex Frangos

They didn't say he's fired and he's not indicted.

This was questions from a grand jury.

Powell came out fighting, put out the statement saying he's not going anywhere.

So there's no indication that this is going to make a change for the meetings upcoming.

But over all of this is that there's the Lisa Cook case.

There's the other Fed member who Trump is trying to fire, whose case is going before the Supreme Court.

And that's going to set a very big precedent about...

how much the president can, in fact, exert this power to remove a Fed chair or a Fed board member.

Yeah, and I mean, so far it's very early and we'll see how the day plays out.

Sometimes it takes a little while for markets to digest something like this.

But yeah, so far it's negative.

Trump has set this pattern over the last year and in his second term of coming out strong about something and then backing off when markets

get upset.

You know, we saw that obviously with tariffs and also with some of the Fed moves.

There's also going to be a lot of probably behind the scenes establishment Republicans.

You were going to say, come on, like the guy's leaving in May anyway.

Like, why are we doing this?

That was Journal Finance Editor Alex Frankos.

Copper's had an incredible year.

Part of that is the AI boom, which requires all these data centers, which require a lot of power, which requires a lot of copper, because copper wire is