President Donald Trump confirmed on Tuesday that he has “no intention” of dismissing Federal Reserve Chair Jerome Powell before Powell’s term expires next year.
“None whatsoever,” Trump stated in the Oval Office when pressed about his stance on Powell’s job security. “Never did.”
This statement marks a notable change in tone from Trump, who has recently intensified his criticism of Powell while leaving open the possibility of his removal.
The president has been vocal about his desire for the Fed to lower interest rates in a bid to boost economic growth, and last week remarked, “If I want him out of there, he’ll be out real fast.”
White House economic adviser Kevin Hassett noted on Friday that discussions among Trump and his advisers regarding the potential of removing Powell were ongoing.
Powell, appointed by Trump during his first term, is set to remain in his position until May 2026 and has made it clear that the president cannot legally terminate him.
On Monday, Trump escalated his critique, labeling Powell a “major loser” and urging him to cut interest rates immediately.
Nevertheless, when questioned about the possibility of firing Powell on Tuesday afternoon, Trump remarked, “the press runs away with things.”
“No, I have no intention of firing him,” Trump reiterated to reporters following a ceremony for Paul Atkins, who was sworn in as chairman of the U.S. Securities and Exchange Commission.
The president further expressed his hope that Powell would take a more proactive approach regarding interest rates, stating, “This is a perfect time to lower interest rates.”
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— Finance Newso’s Erin Doherty contributed to this report.
