Trump denies plans to fire Fed Chair Powell

President Trump recently stated that he will not fire Federal Reserve Chair Jerome Powell despite earlier comments.

Trump denies plans to fire Fed Chair Powell

After suggesting intentions to fire Federal Reserve Chair Jerome Powell during a meeting with Republican lawmakers, President Trump denied any plans to do so. He said it's "highly unlikely" he will act on this. Trump's remarks followed a Supreme Court ruling that limits the president's authority to dismiss Fed officials. There are conflicting opinions among lawmakers, with some supporting the idea of firing Powell, while others express skepticism about it happening. Powell's position has been criticized frequently by Trump since he took office, although he was nominated by Trump himself in 2018. This story is still developing, and updates may follow.

Trump's fluctuating stance on Powell raises critical questions about the president's influence over the Federal Reserve. It signals a broader tension between the White House and the central bank, especially as Trump pressures the Fed to lower interest rates. The implications of a potential firing could shake financial markets and challenge the autonomy of the Fed. Lawmakers' mixed reactions show a divide within the Republican Party about the president's approach to economic policy and governance.

Highlights

The outcome remains uncertain as pressures mount from both sides.