GOP Senators Warn Trump Against Firing Fed Chair Powell as Independence Battle Deepens

Economic

Summary:

Republican senators are cautioning President Trump against removing Federal Reserve Chair Jerome Powell, warning that such a move could shatter confidence in U.S. monetary policy, destabilize markets...

Fed Independence at Center of Political Storm

President Trump’s escalating attacks on Jerome Powell have ignited a sharp response from Capitol Hill, particularly from Senate Republicans concerned about the fallout of dismissing the central bank chief. Though Trump claimed he is unlikely to fire Powell unless “fraud” is involved, his public flirtation with the idea including consulting far-right lawmakers and accusing Powell of fiscal mismanagement over a $2.5 billion renovation has cast a long shadow over the Fed’s perceived autonomy.

The legal framework governing the Fed makes Powell’s dismissal highly complex. Fed chairs can only be removed “for cause,” and the administration’s use of the renovation project as a potential justification is widely seen as a maneuver to test the limits of that provision. While the White House has not taken formal action, the pressure campaign is intensifying and the central bank’s independence is increasingly at risk.

Republican Senators Defend Powell, Emphasize Market Stability

Moderate Republicans and institutional conservatives have begun pushing back. Senator Thom Tillis of North Carolina, who is not seeking reelection, warned on the Senate floor that treating the Fed as a political agency would be “a huge mistake.” He emphasized that such a shift would hurt everyday Americans most those with modest retirement savings vulnerable to market instability.

Senator Mike Rounds of South Dakota echoed the sentiment, noting that market expectations are rooted in the assumption of a politically neutral central bank. The threat of politicization, Rounds argued, could erode investor trust in monetary decisions and forecasts.

These warnings point to a causal relationship between perceptions of central bank independence and financial stability. If Powell is perceived as a political casualty, market expectations for monetary policy could become more volatile, weakening the Fed’s effectiveness in guiding inflation, employment, and long-term rates.

Divided GOP Reflects Broader Party Tensions

Not all Republicans are aligned in defending Powell. Senator Bernie Moreno of Ohio called him “the most incompetent, worst Federal Reserve chairman in American history” and urged his resignation. House Speaker Mike Johnson acknowledged dissatisfaction with Powell but was unsure whether Trump had the legal authority to fire him. This division underscores ongoing fractures within the GOP over Trump’s aggressive style and institutional disruption.

Senator John Kennedy of Louisiana, while sympathetic to Trump’s frustration over interest rates, stated unequivocally that removing Powell would likely trigger legal action and unnecessary instability. Even Republicans critical of Powell's performance conceded that such a move would place the country in a vulnerable legal and financial position.

Renovation Scrutiny Viewed as Pretext

Trump’s fixation on the Federal Reserve’s building renovation has become the central narrative in his public campaign against Powell. Although the president accuses the Fed of mismanaging the $2.5 billion project, critics argue this line of attack is being used to retroactively justify firing the chair. Senator Elizabeth Warren, a long-time Powell skeptic, denounced the accusations as a “pretext,” defending the Fed’s right to transparency but warning against using that scrutiny as a political weapon.

Powell has already requested a review by the Fed’s inspector general and sent a letter to Congress outlining the renovation’s scope. Senate Banking Committee Chair Tim Scott welcomed the letter, saying it aligned with his call for greater transparency but did not support firing the chair.

Legal Risks and Political Pressure Will Shape Fed’s Path

With Powell’s term as chair set to expire in May 2026, and his board seat running until 2027, Trump’s influence over the Fed’s leadership will soon grow regardless of whether a dismissal is attempted. He has already begun considering successors more aligned with his economic vision, stating that the next chair must prioritize lower interest rates.

However, the path to removing Powell early is fraught with legal hurdles, reputational risks, and potential market backlash. Republican lawmakers are attempting to steer the president away from this course by emphasizing the long-term economic costs of politicizing an institution designed for independence.

In the meantime, the uncertainty over Powell’s tenure and the Fed’s direction continues to weigh on markets. Investors will be watching closely not just for policy signals from the central bank, but for signs of whether its independence can withstand the current political storm.

Source: AP

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Asian Markets Flat Amid Powell Drama and Tech Anticipation

Investor caution defined Thursday’s trading session across Asia as attention turned to key corporate earnings and political uncertainty from Washington. The MSCI Asia-Pacific ex-Japan index edged up just 0.06%, while Japan’s Nikkei slipped 0.24%, reflecting a broadly hesitant mood. Markets were jittery following reports that President Trump was considering removing Fed Chair Jerome Powell a scenario he later walked back, though not definitively, keeping traders on edge.

While Powell’s immediate removal now appears unlikely, Trump’s criticisms and implied threat of dismissal renewed concerns over the Federal Reserve’s independence. Carlos Casanova of UBP noted that while Powell may serve out his term, political interference remains a source of volatility, particularly for the dollar and interest rate expectations.

Tech Earnings Take Center Stage

Markets are now awaiting earnings reports from key U.S. technology firms, notably Taiwan Semiconductor Manufacturing Co. (TSMC) and Netflix. TSMC, a dominant producer of advanced AI chips, is expected to post record Q2 profits, though its guidance may be clouded by U.S. trade tensions and currency pressures from a strong Taiwan dollar. Netflix’s results are also under scrutiny, especially given its 33 percentage point outperformance over the S&P 500 year-to-date. Analysts argue the company needs to significantly exceed expectations to sustain its valuation.

Chris Weston of Pepperstone remarked that “Netflix will need to blow the lights out,” pointing to how stretched sentiment has become around certain tech names. The heavy market reliance on outperforming tech stocks underscores investor nervousness heading into earnings season.

Currency and Bond Markets Reflect Political and Rate Uncertainty

The dollar weakened overnight amid worries about the Fed’s future leadership and its implications for rate policy. Although losses were modest by Thursday morning, the greenback remained under pressure, with the dollar index flat at 98.49 after shedding 0.33% the previous day. The euro and pound both gave back some of Wednesday’s gains, but currency volatility remains elevated due to Fed-related uncertainty.

Meanwhile, U.S. Treasury yields steadied following a drop in the previous session driven by expectations that Powell’s ouster or even the perception of it could accelerate interest rate cuts. The 2-year yield last stood at 3.9022%, while the benchmark 10-year yield held at 4.4673%. These levels reflect a cautious rebalancing by investors adjusting to the prospect of Fed leadership changes with dovish implications.

Japanese government bond yields rose Thursday as markets prepared for a key upper house election this weekend. Fiscal policy is expected to turn more expansionary regardless of the outcome, with additional spending seen as likely. UBP’s Casanova said the selloff in JGBs reflects investor concerns over long-term fiscal sustainability, which have been reignited by recent political developments.

Commodities Trade Mixed on Macro and Micro Signals

Oil prices edged higher, supported by improving economic data and easing trade tensions. Brent crude rose 0.47% to $68.84 per barrel, while U.S. WTI gained 0.62% to $66.79. Sentiment has stabilized after recent declines driven by Saudi production increases. Meanwhile, spot gold fell 0.15% to $3,341.29 per ounce, as lower bond yields partially offset demand for safe-haven assets amid ongoing uncertainty.

With the Federal Reserve caught in the political crossfire and global markets on alert for pivotal earnings from tech giants, short-term sentiment remains fragile. Investor focus is now split between economic fundamentals such as strong U.S. retail and inventory data and the unpredictable influence of political noise surrounding Powell’s future.

Unless earnings dramatically outperform expectations or political risk subsides, markets may continue to drift in the short term, with direction hinging on how central bank independence and corporate results unfold in the coming days.

Source: Reuters

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Labour Market Weakness Signals Policy Shift Ahead

Australia’s labour market, long a source of resilience in a sluggish economy, has shown clear signs of weakening. June’s unemployment rate rose unexpectedly to 4.3%, up from 4.1% and above consensus forecasts for stability. This marks the highest rate in four years and adds to a growing body of evidence that employment conditions are cooling more rapidly than anticipated.

The latest data from the Australian Bureau of Statistics showed net employment growth of just 2,000 jobs entirely part-time while full-time roles contracted by 38,200. Meanwhile, the participation rate rose slightly to 67.1%, implying more people were seeking work even as hiring slowed. Underemployment rose to 6%, and the broader under-utilisation rate increased to 10.3%, both indicators pointing to slack building in the labour market.

This downturn supports a causal link between weak hiring momentum and a broader economic slowdown, especially in the private sector. With annual employment growth now just 2%, well below the 2022–2024 average of 3.4%, the data suggest a shift in employer sentiment and hiring capacity.

Markets Price in Consecutive Rate Cuts

Markets responded swiftly to the employment shock. The Australian dollar fell more than 0.5%, while three-year bond yields dropped nearly 10 basis points as traders increased their bets on rate cuts. Futures markets now fully price in an RBA rate reduction at the August meeting, with growing expectations of another in September and a better-than-even chance of a third cut later in the year.

Toronto-Dominion’s Alex Loo emphasized that “consecutive poor jobs prints and the jump in unemployment rate to 4.3% is likely to spook the RBA,” reflecting a widespread belief that the central bank will be compelled to act.

Until now, the Reserve Bank had held its benchmark rate steady at 3.85%, citing inflation uncertainty and a desire to monitor wage and price dynamics more carefully. However, the weakening labour market undermines the RBA’s earlier rationale for caution and shifts the balance in favor of more accommodative policy.

Rising Tariff Risks and Global Uncertainty Add Pressure

The timing of the labour market deterioration coincides with rising global trade risks. President Donald Trump’s August 1 tariff deadline has introduced further uncertainty, particularly for export-reliant economies like Australia. Though the country faces only a 10% baseline U.S. tariff for now, the broader disruption to global supply chains and trade flows may already be affecting business investment and hiring.

Economists point to this external drag as a contributing factor. Brendan Rynne of KPMG warned that “today’s data will reinforce the weakness that is continuing within the private side of the Australian economy,” and suggested that even without additional negative shocks, the latest jobs figures alone justify a rate cut.

Policy Easing Now Seen as Imminent

The June labour report appears to mark a turning point in the RBA’s policy cycle. While some, like Bloomberg Economics’ James McIntyre, argue that the labour market remains relatively tight by historical standards, others such as Goldman Sachs’ Andrew Boak now believe that “Australia’s labour market is no longer tight and should not be a barrier for further cuts.”

The next key data point will be the quarterly CPI release on July 30, which will determine whether inflation has moderated enough to give the RBA further room to move. But even before then, the sudden uptick in unemployment combined with falling full-time roles and rising underemployment has significantly raised the probability of imminent monetary easing.

As Prime Minister Anthony Albanese visits China to bolster trade and job creation, the domestic economy signals that internal support is also urgently needed. The Reserve Bank, facing growing labour slack and weak consumer momentum, is now under pressure to respond decisively. Without policy intervention, the risk is that today’s soft patch becomes a prolonged downturn.

Source: Bloomberg

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Firing Threat Casts Shadow Over Fed Leadership

President Donald Trump’s escalating criticism of Federal Reserve Chair Jerome Powell reached new levels this week, with public musings about firing the central bank chief though couched in caveats sending a jolt through financial markets. While Trump ultimately said it was “highly unlikely” he would remove Powell “unless he has to leave for fraud,” the remark was widely interpreted as a veiled threat.

The pretext for this pressure campaign appears to be a $2.5 billion renovation of the Fed’s main buildings in Washington, which Trump and his allies now describe as wasteful and possibly fraudulent. This accusation adds a new, politically explosive dimension to Trump’s long-standing grievances about interest rates and the Fed’s cautious monetary policy, which he sees as obstructing economic growth during his presidency.

Market Reactions Highlight Fear of Political Interference

The market reaction was swift and telling. The U.S. dollar dropped over 1% and Treasury yields spiked amid concerns that Trump might act on his rhetoric, jeopardizing the central bank’s autonomy. While the volatility was partially reversed after Trump appeared to backpedal, the episode underscored how even speculative threats to Fed leadership can destabilize investor confidence.

This dynamic suggests a causal relationship between perceived political interference and market volatility. Investors are especially wary that replacing Powell with a more compliant figure one aligned with Trump’s demand for aggressive rate cuts would undermine the Fed’s credibility and potentially ignite inflationary pressures in the medium term.

Renovation Controversy Masks Rate-Cut Pressures

At the heart of the public campaign is the Fed’s renovation project, which Trump has framed as symbolic of Powell’s “fraud” and mismanagement. The president’s allies, including Federal Housing Finance Agency Director Bill Pulte and OMB Director Russell Vought, are planning a visit to the renovation site to further scrutinize the spending. Trump has also begun polling Republican lawmakers, many of whom reportedly expressed support for Powell’s dismissal.

Yet this focus on the building project may be a smokescreen for deeper tensions around interest rate policy. Trump has long called for drastic rate reductions and has said his next Fed chair must be a “low-interest person.” This insistence on loyalty to his policy preferences places clear political constraints on Powell’s future and on whoever may succeed him after his term ends in May 2026.

Institutional Response and Political Pushback

Powell has responded by calling the renovation cost accusations “inaccurate” and requesting an internal review by the Fed’s inspector general. Despite being restricted in how he can respond publicly, Powell retains support from key Democratic lawmakers and segments of the global investor community.

Senator Elizabeth Warren, typically a Powell critic, strongly condemned the White House’s line of attack, calling it a transparent pretext to justify an unjustified firing. “Markets will tank if he does,” she warned, reinforcing the market’s view that such a move would be seen as an assault on institutional stability.

Succession Scenarios and Continued Pressure

Although Powell’s term as Fed Chair ends in May, his tenure as a Fed Governor extends until 2027. Whether he remains in any capacity depends not only on political maneuvering but also on Powell’s own decision. The list of potential replacements includes Kevin Hassett, Kevin Warsh, and even Treasury Secretary Scott Bessent figures perceived as more aligned with Trump’s policy goals.

Trump’s comment that “fortunately, we get to make a change in the next eight months” reveals his intent to reshape the central bank leadership regardless of whether he acts on firing Powell prematurely. This signals a likely continuation of politicized pressure on Fed independence that could influence policy decisions well before any formal change occurs.

Central Bank Credibility Faces a Critical Test

Trump’s aggressive stance against Powell introduces a volatile element into the macroeconomic landscape. Even if Powell retains his position for now, the mere perception that the White House is threatening or manipulating the Fed’s actions could impair the central bank’s ability to act credibly on inflation, employment, and financial stability.

As markets absorb both the rhetorical and institutional signals coming from Washington, the Fed’s next policy moves will be interpreted not only through economic data, but through the lens of political endurance. The broader implication is that monetary policy is no longer insulated from partisan dynamics a reality that could have far-reaching consequences for interest rates, inflation expectations, and global capital flows.

Source: Bloomberg

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Commodity

Crude Prices Rebound on Tight Supply and Demand Indicators

Brent crude rose by 0.39% to $68.79 a barrel, while U.S. West Texas Intermediate (WTI) climbed 0.47% to $66.69, rebounding from modest losses in the prior session. The upward move was largely driven by stronger-than-expected economic signals from key oil-consuming economies and a significant drawdown in U.S. crude inventories, pointing to tighter supply conditions and robust demand at the refinery level.

According to the U.S. Energy Information Administration, crude stockpiles fell by 3.9 million barrels last week far exceeding the anticipated 552,000-barrel draw. This sharper-than-expected drop is causally linked to increased refinery throughput and heightened end-user demand, lending short-term support to crude benchmarks despite lingering macroeconomic risks.

Refining Margins and Global Consumption Trends Provide Support

Refinery margins have remained favorable, with product spreads wide across regions, particularly in diesel and jet fuel. John Paisie of Stratas Advisors noted that this favorable refining environment continues to bolster price floors by incentivizing strong crude processing rates.

In China, second-quarter economic growth came in weaker but not as sharply as feared, easing investor concerns. Crude oil throughput in China rose 8.5% year-over-year in June, signaling an uptick in fuel demand despite the broader slowdown. This improvement is partially explained by front-loading of orders ahead of impending tariffs, highlighting the complex relationship between trade policies and consumption trends.

Trade Sentiment Shifts as Tensions Ease

Adding to the upward momentum, oil markets reacted positively to recent developments in global trade relations. President Trump’s decision to lift the ban on AI chip sales to China and his announcement of a trade deal with Indonesia were interpreted as signs of easing geopolitical tensions. Furthermore, he hinted that agreements with India and potentially Europe could follow, which would reduce uncertainty and support global growth prospects.

These developments have a directly supportive impact on crude prices, as de-escalation in trade conflicts reduces the likelihood of a global economic slowdown that would otherwise dampen energy demand.

Fuel Inventory Builds Offset Upward Momentum

However, gains in crude prices were restrained by a larger-than-expected increase in U.S. gasoline and diesel inventories. This divergence tight crude supply but oversupplied refined products introduces a potential imbalance. It signals that while refineries are active, final demand for fuel products may not be keeping pace, which could weigh on margins and eventually reduce crude intake if the trend persists.

The Federal Reserve’s latest Beige Book report described U.S. economic activity as having picked up in recent weeks, but with a “neutral to slightly pessimistic” outlook. Businesses cited higher import tariffs as a source of upward pricing pressure, reinforcing inflation concerns that could affect consumption patterns and indirectly influence oil demand.

Balanced Between Supply Optimism and Demand Risk

The near-term outlook for oil remains cautiously optimistic. While crude draws, strong refining margins, and improving trade sentiment provide upward momentum, the market is still contending with soft spots in end-user fuel demand and potential inflationary headwinds from tariff-driven cost increases.

If trade negotiations continue to progress and global economic data stabilizes, prices may find firmer support above current levels. However, persistent builds in refined product inventories or renewed tariff escalations could quickly reverse recent gains, keeping traders alert to both demand resilience and geopolitical signals.

Source: Reuters

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Economic

The Federal Reserve is facing mounting speculation over a potential interest rate cut in September, largely stemming from uncertainties about the future role of Chair Jerome Powell. With discussions about potential candidates for a new presidential term, speculation is rife that Powell might resign before completing his term, fueling economic debates.

Will September See a Rate Cut?

Financial sectors are increasingly vocal about the possibility of the Fed cutting rates in its next meeting. The anticipation hinges not only on Powell’s possible early exit but also on recent economic fluctuation indicators. The debate over a rate cut is amplifying in response to these speculations.

Political dynamics are adding pressure on Powell, as reports hint at discussions involving a new potential Fed chair. This situation is shaping economic outlooks and influencing both market predictions and financial strategies.

What Are the Political and Economic Stakes?

The impact of possible interest rate adjustments in September extends beyond domestic borders, affecting both the U.S. and global financial circuits. Although July’s rates are anticipated to remain stable, recent data including the Producer Price Index and employment figures lend weight to the idea of a September cut, even without Powell’s resignation.

Despite political implications, it’s improbable that politics will deeply penetrate the Fed’s procedures. Upcoming tariffs and expected agreements will play a major role in market dynamics. Many Fed members remain cautious about cutting rates in light of inflation concerns despite any potential changes in leadership.

Concrete insights from the situation include:

A growing probability of a September rate cut.Potential leadership change heightening uncertainty.Impactful economic indicators showing mixed signals.Fed’s independence facing scrutiny under political pressures.

The September decision holds significant consequences for economic policies and market responses. With the ongoing debates and uncertainties, all eyes remain on the Federal Reserve’s next moves as it balances political pressures with economic imperatives amid prevailing global conditions. Jerome Powell’s statement,“Predictability and transparency in Fed’s decisions are our primary priorities,”

Source: CryptoSlate

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Forex

Market Confidence Jolted by Powell Dismissal Rumors

The dollar entered Thursday trading on shaky ground, pressured by reports suggesting President Trump may be considering the removal of Federal Reserve Chair Jerome Powell before the end of his term in May 2026. While Trump denied that Powell’s dismissal was imminent, his refusal to rule it out and his continued public criticism of Powell’s rate policy has eroded confidence in the central bank’s institutional independence.

Investors fear that undermining the Fed's autonomy could weaken its ability to control inflation and maintain financial stability. Trump’s argument that interest rates should be lowered to 1% or below has been a repeated point of contention, and his increasing politicization of the Fed threatens to distort monetary policymaking, which has traditionally operated free from executive interference.

Risk to Safe-Haven Status as Dollar Faces Volatility Spike

The dollar's role as a global safe-haven currency rests not just on U.S. economic performance but on the credibility and predictability of its institutions. That credibility is now under scrutiny. According to Mahjabeen Zaman of ANZ, the potential firing of Powell would trigger a decline in the dollar’s value and a surge in volatility. Zaman warned that such a move would signal to global markets that monetary policy is subject to political whim, raising long-term risks of inflation and reduced real returns on Treasuries.

On Wednesday, the dollar index fell 0.3%, reflecting immediate market discomfort. It edged slightly higher on Thursday to 98.384, but sentiment remains fragile. Against the yen, the dollar clawed back 0.2% to trade at 148.14, after losing 0.6% overnight. The euro held steady at $1.1632, and the British pound dipped 0.1% to $1.3409, showing broader market caution.

Tariff Uncertainty Adds to Pressure on Dollar

The dollar’s instability is further compounded by upcoming trade disruptions. Investors remain fixated on the looming August 1 tariff deadline, when many countries particularly in Asia face new or increased U.S. trade levies unless deals are struck. Trump stated on Wednesday that he would “probably live by the letter” on tariffs with Japan and hinted at an impending deal with India, following this week’s accord with Indonesia.

This unpredictable tariff policy fuels ongoing uncertainty, with markets struggling to price in the cumulative effects of trade volatility, institutional tension, and global growth headwinds. The convergence of these risks both political and economic puts additional downward pressure on the dollar and limits its reliability as a store of value during periods of global stress.

Japanese Elections Add Another Layer of Volatility

Investors are also watching developments in Japan, where upcoming upper house elections could result in political realignment and fiscal instability. Long-dated Japanese government bond yields have surged to record highs, reflecting investor anxiety about potential policy shifts. A weakened yen would typically benefit the dollar, but in the current climate of U.S. political risk, the greenback is losing its relative strength advantage even in traditionally favorable pairings.

Dollar Faces Mounting Headwinds

With political interference clouding the outlook for U.S. monetary policy, and tariff-related uncertainty intensifying ahead of August, the dollar’s safe-haven narrative is increasingly under threat. Markets are unlikely to stabilize unless clear reassurance is given about the Fed’s independence and the trajectory of U.S. trade policy.

Until then, traders are likely to demand higher premiums for holding dollar-denominated assets, and global investors may begin diversifying into alternative currencies and gold. Whether the dollar regains its footing will depend not just on data or economic fundamentals but on whether the White House reins in its confrontational stance toward its own central bank.

Source: Reuters

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GOP Senators Warn Trump Against Firing Fed Chair Powell as Independence Battle Deepens

Fed Independence at Center of Political Storm

Republican Senators Defend Powell, Emphasize Market Stability

Divided GOP Reflects Broader Party Tensions

Renovation Scrutiny Viewed as Pretext

Legal Risks and Political Pressure Will Shape Fed’s Path

Source: AP

Markets Stall as Tech Earnings Loom and Powell Uncertainty Weighs on Sentiment

Asian Markets Flat Amid Powell Drama and Tech Anticipation

Tech Earnings Take Center Stage

Currency and Bond Markets Reflect Political and Rate Uncertainty

Commodities Trade Mixed on Macro and Micro Signals

Source: Reuters

Australia’s Unemployment Hits Four-Year High, Strengthening Case for RBA Rate Cuts

Labour Market Weakness Signals Policy Shift Ahead

Markets Price in Consecutive Rate Cuts

Rising Tariff Risks and Global Uncertainty Add Pressure

Policy Easing Now Seen as Imminent

Source: Bloomberg

Trump Escalates Pressure on Fed Chair Powell, Markets Rattle as Central Bank Independence Wavers

Firing Threat Casts Shadow Over Fed Leadership

Market Reactions Highlight Fear of Political Interference

Renovation Controversy Masks Rate-Cut Pressures

Institutional Response and Political Pushback

Succession Scenarios and Continued Pressure

Central Bank Credibility Faces a Critical Test

Source: Bloomberg

Oil Prices Edge Higher on Demand Optimism and Trade Easing Signals

Crude Prices Rebound on Tight Supply and Demand Indicators

Refining Margins and Global Consumption Trends Provide Support

Trade Sentiment Shifts as Tensions Ease

Fuel Inventory Builds Offset Upward Momentum

Balanced Between Supply Optimism and Demand Risk

Source: Reuters

Will Fed Cut Interest Rates Next Month?

Will September See a Rate Cut?

What Are the Political and Economic Stakes?

Concrete insights from the situation include:

Source: CryptoSlate

Dollar Wavers as Trump-Powell Tensions Undermine Fed Credibility

Market Confidence Jolted by Powell Dismissal Rumors

Risk to Safe-Haven Status as Dollar Faces Volatility Spike

Tariff Uncertainty Adds to Pressure on Dollar

Japanese Elections Add Another Layer of Volatility

Dollar Faces Mounting Headwinds

Source: Reuters

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