President Donald Trump said Thursday he has no plans to fire Federal Reserve Chair Jerome Powell, despite mounting frustration with the central bank’s pace on interest rate cuts.
Speaking at a White House event, Trump stated, “I’m not going to fire him,” while questioning why such a move would be seen as controversial. “The fake news is saying, ‘Oh, if you fired him, it would be so bad.’ I don’t know why it would be so bad.”
Trump has repeatedly criticized Powell for being slow to lower interest rates, referring to him as “Too Late” and blaming the current rate environment for increasing federal borrowing costs. Powell’s term as Fed chair is set to expire in May 2026.
“We’re going out to financing, and I may have to force something,” Trump added, suggesting he might apply pressure on the Fed if rate cuts do not materialize soon. He also noted he isn’t opposed to rate hikes if inflation rises, but believes now is the time to ease.
Who is the next Fed chair?
Trump also hinted that a decision on his nominee for the next Fed chair could come soon, following earlier comments that an announcement was imminent.
Despite the sharp critique, he stopped short of saying he would replace Powell, calling him a “numbskull” but reiterating, “I’m not going to fire him.”
The president also voiced concern about rising oil prices, underscoring broader economic pressures as he heads into the final months of his re-election campaign.
