Trump Denies Firing Fed Chair Powell Amid Criticism

President Donald Trump has denied plans to fire Federal Reserve Chair Jerome Powell, despite discussing the possibility with Republican lawmakers and displaying a draft firing letter. Trump polled GOP lawmakers about removing Powell, many of whom supported the idea, but has stated publicly that firing Powell is 'highly unlikely' unless there is evidence of fraud. Trump has harshly criticized Powell for not lowering interest rates and has also accused him of mismanaging a costly Federal Reserve headquarters renovation. The president has acknowledged the significant legal and market risks of removing the Fed chair, and noted that Powell's term ends in May 2026. The Federal Reserve remains an independent institution, with legal precedent limiting the president's authority to fire its chair without cause. Fluctuating reports and Trump's mixed signals have impacted markets and renewed debate over the central bank's independence.