Hours after President Donald Trump informed a room full of republican legislators that he will fire the chairman of the Federal Reserve Jerome Powell, he denied plans to do so.
“We don't plan it,” he said in the White House on Wednesday. “I don't exclude anything,” he added, “but I find it extremely unlikely, unless he has to go to fraud.”
At a meeting on Tuesday evening in the Oval Office, Trump asked a group of Republicans of the Republicans if they thought he should fire Powell. After supporting the move, the President said that, according to a high -ranking officer of the White House, he would be.
“The President asked the legislators how they felt in the dismissal of the Fed chairman. They expressed the approval of releasing him. The president stated that he would soon do so,” said the official, who spoke about the condition of anonymity, openly about the topic.
The members had been invited to the White House to discuss crypto regulatory calculations that had run into the house.
Regardless of this, the New York Times reported that Trump went so far to design a letter for the dismissal of Powell, and that he showed it to the legislator during the crypto meeting.
A FED officer declined to comment on what happened during the Oval Office meeting.
But Powell repeatedly said that his shooting “is not permitted according to the law”.
Jerome Powell, chairman of the US Reserve, attested during a hearing from the Financial Service Committee of the House Financial Services on “the half-year monetary political report of the Federal Reserve” on the Capitol Hill in Washington, DC, on June 24, 2025.
Saul Loeb | AFP | Getty pictures
No president has ever tried to dismiss the country's top central banker, even though other former Fed chairman criticized.
The markets turned in the first reports that Trump was up to for Powell, but recovered after Trump fought what the White House said reporters.
The most important players in the Trump White House have started a multiple -excrete attack on Powell to push the central bank to lower their most important credit rate. Finally, they beat Powell about the renovation work in the Fed headquarters in Washington and awakened that Trump could try to remove the Fed leader for reasons.
A recent decision by the Supreme Court showed that the president is not authorized to remove the Fed officials at will.
Trump suggested that “cause” for Powell could be a problem, especially with regard to the renovation of the Fed's Fed's Fed. The project was claimed by overruns, and Powell asked the Fed General Inspector for a review.
“Fraud is possible … so there could be something,” said Trump. “But I think he doesn't do a good job. He has a very easy job to do. Do you know what to do? Lower interest rates.”
In a CNBC interview on Wednesday, rep. French Hill, R-Mark. The chairman of the House Financial Services Committee that Trump dismissed Powell, “I don't see”. The finance minister Scott Bessent also announced Bloomberg News on Tuesday that he had not expected Trump to change in this direction.
Rep. Anna Paulina Luna, a Republican in Florida, who blocked the crypto initiative with other party members on Tuesday, said on the social media -site X that there was a step against Powell.
“Jerome Powell is fired! From a very serious source,” she wrote, adding later, “I am 99% sure that the fire is imminent.”
Trump nominated Powell for the chairman in November 2018 to follow Janet Yellen, who became treasury Secretary under the then President Joe Biden.
The Senate confirmed Powell in the following February, but was more important by Trump, both during the first and second term of office of the President.
The Fed under Powell recorded the interest rates after reducing it at the end of 2024. Trump accused that Powell is politically motivated and was only shortened in 2024 to help the prospects of the democratic candidate Kamala Harris.
“This also applies to his board because his board does not do the job as they should,” said Trump on Wednesday.
Trump not only appointed Powell, but also the governors Michelle Bowman, who is now the deputy chair of bank surveillance, and Christopher Waller.
In the past few weeks, both have given the willingness to start as soon as the meeting of the Federal Open Market Committee at the end of July, but not at a pace that Trump suggests.
The President has announced that the Fed wants the Fed LOP up to 3 percentage points from the Central Bank's credit rate overnight LOP, which is currently aiming for between 4.25%-4.5%.
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