Federal Reserve chief Jerome Powell's "termination cannot come fast enough," President Trump declared last Thursday, rattling stock markets—but on Tuesday, he said he had no plans to try to fire him. Asked by a reporter in the Oval Office if he intended to fire Powell, Trump said, "I don't want to talk about that because I have no intention of firing. None whatsoever. Never did," the Washington Post reports. "The press runs away with things. No, I have no intention of firing him." Trump has strongly criticized Powell in Truth Social posts in recent days. On Monday, he said there could be an economic slowdown "unless Mr. Too Late, a major loser, lowers interest rates, NOW."
"I would like to see him be a little more active in terms of his idea to lower interest rates," Trump said Tuesday. "This is a perfect time to lower interest rates. If he doesn't, is it the end? No. It's not." Powell—nominated by Trump in 2017 and reappointed by Joe Biden in 2021—has said the Fed wants to see the results of Trump's policies, including tariffs, on inflation before lowering interest rates. Trump has reportedly discussed firing Powell for months, though Powell has said he doesn't believe the president has the authority to fire him and analysts say any attempt to fire him would lead to a legal fight that would likely extend until Powell's term expires next year.
Trump, speaking at the ceremonial swearing-in of Paul Atkins as chairman of the Securities and Exchange Commission, also told reporters that his 145% tariffs on imports from China are "very high" but will come down, the Wall Street Journal reports. "It won't be that high," he said. "It will come down substantially. But it won't be zero. It used to be zero." Stock futures jumped after Trump's remarks on Powell, with S&P 500 futures up 2%, reports CNBC. (More Jerome Powell stories.)
,
uBlock 
,
and
Ghostery 
)
