Trump makes an about-turn regarding Fed chair’s removal

President Donald Trump said he is “not planning on doing anything” to remove Jerome Powell, after a White House official said the president was likely to seek the Federal Reserve chair’s ouster soon.

“No, we’re not planning on doing anything,” Trump told reporters on Wednesday when asked if he wanted to fire Powell.

The president later added, when asked if he was completely ruling out the idea of firing Powell, that “it’s highly unlikely, unless he has to leave” due to “fraud”.

Trump discussed the possible move in a meeting with congressional Republicans on Tuesday night. The president said “almost every one of them” supported the idea of removing Powell.

Ousting Powell before his term as chair ends would likely roil financial markets and lead to a consequential legal showdown.

Read:
Bessent says ‘formal process’ for Powell successor has started
Trump says three or four people on list to replace Fed’s Powell

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