John Tucker

The Trump Justice Department's investigation of the Fed, the president's personal attacks on Chairman Jerome Powell, have stoked expectations that Powell will stay on the board of governors after his term as chair ends in May.

It's far from clear how the legal process is going to play out and what decision Powell will ultimately make on his future term.

Those who know Powell say if he does stay on, he would only do so to protect the institution and would have no interest in playing a role as a shadow Fed chair.

But if the legal development does provoke Powell to stay, it would upend President Trump's stated plans to stack the board with officials who will bend to his will.

It could also create a powerful counterweight inside the Fed to whomever President Trump picks as the next Fed chair.

In New York, I'm John Tucker, Bloomberg Radio.

And Nathan, President Trump had this to say about Powell as he left the White House yesterday.

And Trump doesn't seem too concerned with pushback from lawmakers like Republican Tom Tillis, who vowed to oppose any Trump nominees to the Fed after the central bank was subpoenaed.

Trump said he would announce his nomination to replace Federal Reserve Chair Powell within the next few weeks, despite all the backlash.

The president also dismissed Jamie Dimon's criticism over the Justice Department probe of the Fed.

He says the CEO of JPMorgan Chase is wrong to suggest he's attacking Fed independence.

This all comes as the blowback gets more intense.

Three former heads of the Federal Reserve and four former Treasury secretaries in both Republican and Democratic administrations issued a statement saying this type of investigation is

has no place in the United States.

It was more characteristic of emerging markets with weak institutions.

In New York, I'm John Tucker, Bloomberg Radio.

Good morning, Nathan.

President Trump had this to say about Powell as he left the White House yesterday.

And Trump doesn't seem too concerned with pushback from lawmakers like Republican Tom Tillis, who vowed to oppose any Trump nominees to the Fed after the central bank was subpoenaed.

Trump said he would announce his nomination to replace Powell within the next few weeks, despite the backlash.