Trump says firing Powell highly unlikely, denies plans

President Trump has expressed ongoing frustration with Federal Reserve Chair Jerome Powell, particularly regarding Powell's cautious approach to cutting interest rates, which Trump believes should have been lowered sooner to benefit the economy. Although Trump has criticized Powell and his board, including concerns over a costly $2.5 billion renovation at the Fed's headquarters, he stated he is not currently planning to fire Powell, calling such a move highly unlikely unless Powell leaves due to fraud. Trump also acknowledged the unprecedented and legally untested nature of firing a Fed chair, emphasizing the Fed's traditional political independence. Nevertheless, Trump and his allies have reportedly begun considering potential successors and have initiated efforts to shadow Powell by identifying alternatives to communicate new monetary policy perspectives. Despite these criticisms, Trump said he intends to appoint a new Fed chair when the opportunity arises, aiming for a leader who will deliver a 'fair job' and lower interest rates to reduce borrowing costs. These remarks have helped alleviate some political uncertainty surrounding the Fed chair's position.