Shumita Basu

Trump has already sought to fire Fed Governor Lisa Cook over allegations of mortgage fraud that she denies and is challenging at the Supreme Court.

It's worth saying, though, that while Trump has frequently sought to prosecute political foes during his second term, so far he hasn't had much success with convictions.

A federal judge recently threw out indictments for both James Comey and New York's Attorney General Letitia James.

And threats against Democratic Senator Adam Schiff have yet to reach a grand jury.

An independent chair is a fundamental principle of the Federal Reserve, designed to prevent politicians making short-term decisions on interest rates that might benefit them politically but cause longer-term economic damage.

In concluding his statement, Powell reaffirmed his commitment to staying on the job.

Powell's term as chair ends in May, and Trump recently indicated that he knows who he'll pick as his successor.

Now let's go to Iran, where anti-government protests that started about two weeks ago in response to climbing prices have gained momentum.

For days now, the country has been relatively cut off from the world as the regime shut down the Internet and phone lines, making it hard to find out exactly what's going on inside the country.

But verified videos circulating online show large crowds chanting death to the dictator, official buildings, including a mosque, set ablaze and evidence of violent suppression.

Security forces can be seen opening fire toward crowds, and various human rights groups put the death toll as high as 500 people, though it's difficult for any news organization to independently confirm those numbers.

One hospital told the BBC they were overwhelmed with casualties and injuries.

And one U.S.-based rights group said more than 10,000 people have been arrested over the course of two weeks of unrest.

It's hard to overstate just how dire Iran's inflation has become.

Its currency recently plunged to a record low, and the annual inflation rate rose to 42.2 percent in December, according to reporting from The New York Times.

Even Tehran's Grand Bazaar, which has long been a symbol of commerce and conservative support for the regime, has joined recent protests by going on strike.

President Trump has now opened the door to action in support of the protests.

And on Friday, he said the country was, quote, in big trouble.

Iran's parliament speaker warned that U.S.

and Israeli military bases would become, quote, legitimate targets in the event of an attack.