Trump Warns of Firing Fed Chair Powell

U.S. President Donald Trump warned on the 15th (local time) that he would fire Jerome Powell, the chairman of the Federal Reserve (Fed), if he does not step down after his term as chairman concludes. In an interview with Fox News at the White House, President Trump stated, "If he doesn't step down, I will fire him." He added, "I've wanted to fire him all along, but I didn't want to create controversy." This statement reiterates his previous threats to dismiss Chairman Powell multiple times.

Throughout his presidency, President Trump repeatedly urged Chairman Powell to lower the federal funds rate, but the Fed did not comply. This divergence in stance fueled President Trump's dissatisfaction with Chairman Powell.

While Chairman Powell's term as Fed chair is set to end on the 15th of next month, his term as a Fed governor runs until January 2028. Powell has indicated that he will not leave the Fed until an investigation by the Department of Justice regarding the costs of renovating Fed buildings is completed.