In 1997, billionaire Carlyle co-founder David Rubenstein hired a then-relatively unknown member of the George H.W. Bush administration named Jerome Powell. Over the course of eight years, Powell led the private equity firm's industrial group and was a partner.

The dollar was broadly stronger against major peers on Thursday as investors assessed U.S. President Donald Trump's latest comments on Fed Chair Jerome Powell's future, while concerns over a pivotal election in Japan weighed on the yen.

The Fed's independence is key for dollar stability. Firing Powell and tariff-driven policies could impact inflation, interest rates, and markets. Click for more.

The Trump administration is toying with removing Jerome H. Powell as chair of the Federal Reserve, accusing him of mismanaging a multibillion-dollar update to its Washington headquarters.

Explore why Fed independence is crucial for market stability, the impact of tariffs on inflation, and the risks of undermining Federal Reserve credibility. Read what investors need to know.

Concern about US President Donald Trump removing the Federal Reserve chairman will continue to linger over markets and put pressure on the dollar and Treasuries until it is resolved, said George Saravelos,

Gold prices eased on Thursday, pressured by a firmer U.S. dollar, as investor worries eased temporarily after President Donald Trump said he did not plan to oust Federal Reserve Chair Jerome Powell.