Trump Says He Has “No Intention” of Firing Fed Chair Powell Despite Criticism

Despite his criticism over the past few days, President Donald Trump said he has “no intention” of firing Federal Reserve Chair Jerome Powell.

Speaking to reporters on Tuesday, Trump said he hoped Powell would cut interest rates soon but never planned to fire the central banker.

“I would like to see him be a little more active in terms of his idea to lower interest rates,” Trump said. “It’s a perfect time to lower interest rates. If he doesn’t, is it the end? No, it’s not. But it would be good timing.”

The comments come just five days after Trump posted on the social media platform Truth Social that “Powell’s termination cannot come fast enough.” He renewed criticisms Monday, writing that Powell has always been too late on rate cuts and accused him of lowering rates to help former Vice President Kamala Harris’ presidential campaign.

Major stock indexes fell in the wake of his threats to remove the head of the independent central bank. U.S. Treasury securities also sold off in reaction, and the dollar hit its weakest level in three years. Analysts said the threats shook investor confidence in the Federal Reserve and its independence.