Breaking news

A Bloomberg report says the White House explored demoting Chairman Powell and that White House council weighed implications of a demotion. It's not clear if Trump directed the review, which took place in February.

The path that was explored was leaving him as Governor but removing his chairmanship. It would have been an unprecedented move and highlights that Trump's comments about Powell went beyond musings and that his future could be in jeopardy.

The timing of this leak is also interesting, it could be a deliberate attempt to influence Powell to cut tomorrow.

The report says the outcome of the review was unclear and is being kept secret.

A report earlier this year said Trump directed that Powell be fired but a newer one said Trump told Powell in March that "I guess I'm stuck with you."

Update: Larry Kudlow was asked about the report and said it was a 'six-month-old story' and that he White House is not considering a demotion of Powell.