Good Thursday afternoon. Today's newsletter, edited by Sam Baker, is 555 words, a 2-min. read. Thanks to Carolyn DiPaolo for copy editing.

President Trump is giving the strongest indications yet that he may try to fire Fed chair Jerome Powell — a legal and economic showdown with little modern precedent, Axios' Courtenay Brown reports.

• "If I want him out, he'll be out of there real fast, believe me," Trump told reporters today in the Oval Office.
• "Powell's termination cannot come fast enough!" Trump posted earlier in the day on Truth Social.