US President Donald Trump has clarified that he has “no intention” of firing Federal Reserve Chair Jerome Powell before his term ends next year. The president’s comments came after a week of intense rhetoric against the Fed chair, who has been at the center of Trump’s efforts to cut interest rates and boost economic growth.
Trump’s remarks on Tuesday marked a significant shift from his previous statements, which had suggested that he was considering removing Powell as head of the Federal Reserve. The president had even told reporters last week that if he wanted Powell out, he would “be out real fast.”
However, in an Oval Office meeting with journalists, Trump denied any plans to fire Powell, saying, “I have no intention of firing him.” He also stated that he wants Powell to be more active in cutting interest rates, which the president believes is a perfect time to do so.
The news has led to a surge in US stock futures, with major indexes rebounding from a steep sell-off on Monday. Critics warn that removing the Fed chair could cause panic in the markets and undermine the independence of the central bank.
Powell, who was appointed by Trump during his first term as president, is set to serve as Fed chair until May 2026. His removal would be unprecedented, given the laws governing the Federal Reserve’s operations.
Source: https://www.cnbc.com/2025/04/22/trump-says-he-has-no-intention-of-firing-fed-chair-powell.html