US president Donald Trump on Tuesday said he does not plan to remove Federal Reserve Chair Jerome Powell, even as he renewed his call for the central bank to lower interest rates. Speaking at a White House event, Trump tried to ease market concerns sparked by speculation about Powell’s future. “I have no intention of firing him,” said Trump responding a question by a news reporter.
Financial markets had recently seen a sharp sell-off, as investors grew worried that Trump might try to force Powell out. Stocks, bonds, and the dollar all took a hit amid the uncertainty. According to reports, Trump’s advisers have warned him that removing Powell would not only be legally complex but could also worsen market instability.
Trump has been unhappy with Powell’s stance on interest rates. The Federal Reserve has so far resisted lowering rates, citing inflation concerns. Last week, Powell said that tariffs imposed by the Trump administration were likely to raise inflation and lower economic growth. He also stressed that the Fed had a duty to keep price pressures in check, suggesting that interest rate cuts were not likely in the short term.
Trump reacted strongly to Powell’s comments. On Monday, he accused the Fed chair of being “too late” and a “major loser,” insisting that the economy faced a slowdown unless rates were cut immediately.
“With these costs trending so nicely downward, just what I predicted they would do, there can almost be no inflation, but there can be a slowing of the economy unless Mr. too late, a major loser, lowers interest rates, now,” Trump wrote on social media, referring to Powell.
Although Trump now says Powell’s job is safe, his repeated public criticism has raised questions about the Fed’s independence. The matter could become even more significant, with the Supreme Court preparing to hear a case about the president’s authority to remove officials from independent federal agencies—potentially affecting the Federal Reserve as well.
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