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Trump confirms he will not fire Fed Chairman Powell

Trump renewed criticism of Powell but stated he does not plan to dismiss him.

July 17, 2025 at 01:44 AM

Trump says he's not planning to fire Fed's Powell

Trump confirmed he will not fire Federal Reserve Chairman Jerome Powell despite ongoing criticism.

Trump plans to keep Fed Chairman Powell

President Donald Trump stated he does not plan to fire Federal Reserve Chair Jerome Powell. This followed a report suggesting that Trump might dismiss Powell, which caused a temporary drop in stock prices. Though Trump criticized Powell for not cutting interest rates, he said any decision to remove him would depend on Powell, hinting at a hypothetical scenario involving fraud allegations related to Fed renovations. Economists and some Republicans warned that firing Powell could harm the credibility of the Federal Reserve.

Key Takeaways

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Trump reaffirmed support for Powell amid rumors of his firing

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Criticism aimed at Powell reflects ongoing tensions between Trump and the Fed

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Potential dismissal of Powell could destabilize market confidence

"I don't rule out anything, but I think it's highly unlikely unless he has to leave for fraud."

Trump's comment shows he is keeping options open regarding Powell's position.

"Subjecting the Fed to direct presidential control would be a huge mistake."

Senator Tillis warns that firing the Fed chair could have serious repercussions.

Trump's statement comes amid rising tensions between the White House and the Federal Reserve. Critics argue that attempts to undermine the independence of the Fed could have severe implications for financial stability. Historically, the Fed's ability to operate without political pressure is crucial for maintaining market confidence. Trump's ongoing critique of Powell highlights the delicate balance between monetary policy and political interests.