Inflation rose in June while wages went down, driving down buying power for consumers across the economy, federal data show.

Economists interviewed by Newsweek warned that removing Powell now would roil markets, erode trust in U.S. institutions and ultimately hurt ordinary Americans.

Major construction work continues at the U.S. Federal Reserve building as U.S. President Donald Trump voices complaints about Fed Chair Jerome Powell, in Washington, D.C., U.S., July 14, 2025. REUTERS/Jonathan Ernst/File Photo (Reuters) -The spiraling cost of the Federal Reserve's years-long renovation of two historic buildings in Washington,