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5d ago

Trump Reiterates No Plan to Fire Fed Chair Powell While Pressing for Rate Cuts

President Trump denies intentions to remove Jerome Powell but continues urging the Federal Reserve to lower interest rates, citing economic conditions.

Trump has pushed Fed chair Jerome Powell to lower interest rates.
US President Donald Trump predicted on April 22, 2025 that tariffs on many Chinese imports will come down "substantially"
US Treasury Secretary Scott Bessent told a closed-door event that he anticipates the tariff war between Washington and Beijing to de-escalate
U.S. President Donald Trump looks on as his nominee for the chairman of the Federal Reserve Jerome Powell takes to the podium during a press event in the Rose Garden at the White House, November 2, 2017 in Washington, DC. Current Federal Reserve chair Janet Yellen's term expires in February. (Photo by Drew Angerer/Getty Images)

Overview

  • President Trump stated he has no intention of firing Federal Reserve Chair Jerome Powell, dismissing speculation as media exaggeration.
  • Trump renewed his call for the Fed to lower interest rates, describing current economic conditions as ideal for preemptive cuts.
  • The president’s remarks on Tuesday followed his criticism of Powell on social media, where he called the Fed chair a 'major loser.'
  • U.S. stock futures and the dollar saw gains after Trump’s comments, reflecting market sensitivity to potential Fed policy signals.
  • Legal experts note that the Federal Reserve Act permits removing Fed officials only for cause, leaving the president’s authority over Powell unclear.