President Donald Trump said Tuesday that he has no intention of firing Federal Reserve Chair Jerome Powell.
“Never did,” Trump told reporters. “The press runs away with things. No, I have no intention of firing him. I would like to see him be a little more active in terms of his idea to lower interest rates.”
Despite Trump’s spin on the situation, he has strongly suggested that he would like to see Powell go. Complaining about the Fed chief’s cautious approach to interest rate policy, Trump wrote on his social media platform last week: “Powell’s termination cannot come fast enough!”
Additionally, members of his administration have indicated that Trump has been looking into the legality of removing Powell, who is nominally independent. Asked about the situation last week, White House economic adviser Kevin Hassett said, “the president and team will continue to study that matter” — a response that raised anxiety among investors, which Trump may be trying to ease.