Trump Reiterates No Plans to Fire Fed Chair Powell but Pushes for Faster Rate Cuts

President Donald TRUMP clarified on Thursday that he has no intention of dismissing Federal Reserve Chair Jerome Powell, despite his vocal dissatisfaction with the central bank''s cautious approach to interest rate reductions. Speaking at a White House event, Trump dismissed media speculation about the consequences of such a move, stating, "I''m not going to fire him."

Trump has frequently criticized Powell for delaying rate cuts, dubbing him "Too Late" and attributing higher federal borrowing costs to the current rate environment. Powell''s term as Fed chair runs until May 2026. The president hinted at potential pressure tactics, remarking, "We''re going out to financing, and I may have to force something," if the Fed doesn''t act soon.

While Trump acknowledged he wouldn''t oppose rate hikes if inflation surged, he emphasized that now is the time for monetary easing. He also teased an imminent announcement regarding his nominee for the next Fed chair, though he stopped short of confirming Powell''s replacement, calling him a "numbskull" but reiterating his decision not to remove him.

Beyond monetary policy, Trump expressed concerns about rising oil prices, highlighting broader economic challenges as his administration navigates fiscal pressures.