Austan Goolsbee, the Chicago Fed chief, defended the central bank's independence in a Sunday morning talk-show interview.

The dollar dived on Monday as investor confidence in the U.S. economy took another hit over President Donald Trump's plans to shake up the Federal Reserve, which would throw into question the independence of the central bank.

Bitcoin rallied to its highest level since Donald Trump’s “Liberation Day” tariff announcements as the dollar slumped amid renewed fears over the US president’s efforts to remove Federal Reserve Chairman Jerome Powell.

President Donald Trump said this week Fed chair Jerome Powell’s “termination cannot come fast enough.” That’s led to a debate about whether the president has the power to remove Federal Reserve leadership.

President Donald Trump has once again slammed Federal Reserve Chair Jerome Powell over high interest rates, calling for the termination of the central banker whom Trump himself appointed.

The remarks came a day after Powell voiced alarm about Trump’s tariff policy, saying it would likely hike inflation and slow economic growth. Powell indicated that the Fed may approach interest rates with restraint as policymakers observe the economic effects of Trump's tariffs.