President Donald Trump said Tuesday that he has “no intention” of firing Federal Reserve Chair Jerome Powell, extinguishing speculation of an unprecedented presidential intervention in the central bank’s leadership.
“None whatsoever,” Trump stated in the Oval Office when pressed to clarify his stance on Powell’s removal. “Never did.”
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This statement marks a shift from the president’s previous stance, which had fueled concerns about the Fed’s independence.
Last week, Trump had suggested, “If I want him out of there, he’ll be out real fast,” while also ramping up public pressure on Powell to lower interest rates to stimulate economic growth.
Powell, appointed by Trump during his first term, is slated to remain Fed chair until May 2026 and has maintained that the president lacks the legal authority to remove him.
Trump had labeled Powell a “major loser” earlier this week and demanded immediate rate cuts.
However, during a ceremony swearing in Paul Atkins as chairman of the U.S. Securities and Exchange Commission, Trump appeared to downplay his previous remarks, attributing them to media overreaction.
“I have no intention of firing him,” Trump said. “The press runs away with things.”
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Despite the shift, Trump reiterated his desire for lower interest rates. “I would like to see him be a little more active in terms of his idea to lower interest rates,” he said. “This is a perfect time to lower interest rates.”
During a briefing on Tuesday, White House press secretary Karoline Leavitt told reporters that Trump has the right to criticize Powell, “The president wants to see the dollar remain as the world’s reserve currency.”
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