Trump considers firing Federal Reserve Chair Jerome Powell but says ‘highly unlikely’
U.S. President Donald Trump sparked a brief stir by revealing he had “talked about the concept of firing” Federal Reserve Chair Jerome Powell. However, Trump quickly clarified that such a move was “highly unlikely,” unless Powell were to leave due to fraud.
The remarks came amid growing tensions over Powell’s refusal to lower interest rates as Trump has repeatedly urged. Stocks dipped temporarily following rumors that the President was preparing to dismiss the Fed chief, News.Az reports, citing foreign media.
In a private White House meeting Tuesday night with a group of about a dozen House Republicans, Trump confirmed that he had discussed the possibility of firing Powell. “Almost every one of them said I should,” Trump said, referring to lawmakers who visited him to discuss cryptocurrency legislation. According to a White House official, Trump indicated he was leaning toward firing Powell.
During the session, Trump also waved a letter related to firing Powell, but sources say it was a prop drafted by someone else and that no formal dismissal letter has been prepared.
When asked directly if he planned to fire Powell, Trump replied, “I don’t rule out anything, but I think it’s highly unlikely.” His statement helped calm markets, with stocks erasing earlier losses.
Trump added that he could still remove Powell if there was evidence of fraud.
The President has also criticized a $2.5 billion renovation project of the Federal Reserve’s headquarters, further highlighting his strained relationship with the central bank.
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