Trump Denies Plans to Fire Fed Chair Powell Amid Criticism

President Trump dispelled rumors about his immediate plans to fire Federal Reserve Chair Jerome Powell, stating he is "not planning on doing anything" but did not entirely rule out the possibility of a future change. Trump criticized Powell for the Federal Reserve building's costly renovation project and has repeatedly expressed frustration over Powell's cautious approach to interest rate cuts, even nicknaming him "Too Late Powell." Despite Trump's disapproval, experts and financial leaders like JPMorgan Chase CEO Jamie Dimon have warned against political interference with the Federal Reserve's independence, cautioning about adverse market consequences. The Supreme Court has also indicated that the president does not have the authority to remove Powell before his term ends in May 2026. Markets reacted to the uncertainty with mixed responses, including a drop in the US dollar and fluctuations in bond yields. While Trump floated the idea of firing Powell during a meeting with House Republicans, he ultimately reaffirmed that Powell would remain unless there was fraud involved.