William Beach, the former commissioner of the Bureau of Labor Statistics who was nominated by President Donald Trump and led the agency during his first term, has condemned the firing of his successor, calling it "totally groundless" and warning that it "sets a dangerous precedent."

Posting on his Truth Social platform, Trump called Powell “stubborn.” The Fed chair has been subjected to vicious verbal attacks by the Republican president over several months. The Fed has the responsibility of stabilizing prices and maximizing employment.

President Donald Trump expressed more ire with Fed Chair Jerome Powell on Friday and called for the Federal Reserve's board to seize control of the U.S. central bank after Powell didn't cut short-term interest rates.