President Trump, left, has accused Fed boss Powell, right, of being too slow to cut interest rates and this week described him as a 'knucklehead'.

When this particular week in Washington politics is parsed by the historians, they may conclude that whatever the merits and faults of Federal Reserve chairman Jerome Powell, he at least did not lack moral backbone.

Federal Reserve Chair Jerome Powell is gaining some key backing on Capitol Hill from GOP senators who fear the repercussions if President Donald Trump follows through with threats to try and remove the politically independent central banker.