Trump Says Firing Jerome Powell ‘Highly Unlikely’ Now/ Newslooks/ WASHINGTON/ J. Mansour/ Morning Edition/ President Donald Trump said it’s “highly unlikely” he’ll fire Federal Reserve Chair Jerome Powell, despite reports he’s been gauging lawmakers’ support for such a move. Trump admitted polling lawmakers on the issue and hinted at possible action if fraud emerged. The remarks add uncertainty around Powell’s future as his term nears its end.
Trump On Jerome Powell Quick Looks
- Trump says firing Fed Chair Powell is “highly unlikely.”
- Admits asking lawmakers about removing Powell from post.
- Lawmakers reportedly encouraged Trump to consider firing him.
- Trump claims he can replace Powell in eight months.
- White House insiders say Trump “toying” with idea, not set.
- Powell’s term set to end soon, adding speculation.
- Trump has a history of threatening dismissals behind closed doors.
- Economic and political tensions swirl around Fed leadership.
Trump Says Firing Jerome Powell ‘Highly Unlikely’ Now
Deep Look
WASHINGTON — President Donald Trump said on Wednesday that it’s “highly unlikely” he would move to fire Federal Reserve Chair Jerome Powell, even as new reports indicate he’s actively explored the idea with lawmakers behind closed doors.
The president’s remarks came amid swirling speculation about Powell’s future, fueled by multiple accounts that Trump had polled members of Congress just a day earlier about whether he should oust the central bank chief.
Trump, however, introduced a significant caveat during his public comments: “Unless he has to leave for fraud.”
A Private Campaign To Test Support
According to several people familiar with the matter, Trump raised the possibility of removing Powell in conversations with lawmakers on Tuesday. One senior White House official told CNN that the president was gauging political sentiment and found that some lawmakers expressed support for the move.
“The president asked lawmakers how they felt about firing the Fed chair. They expressed approval for firing him. The president indicated he likely will soon,” the official said.
Another person present during the discussions described Trump as eager and energized about the prospect of removing Powell. At one point, the president reportedly gestured toward a document he claimed was a draft letter terminating the Fed chair’s tenure.
However, other White House insiders cautioned that the episode may not signal immediate action.
“He’s just toying with the idea right now,” said another official, characterizing the president’s musings as part of a familiar pattern in which Trump threatens high-profile dismissals that sometimes fail to materialize.
Powell’s Job Hanging In The Balance
During brief remarks to reporters, Trump confirmed he’d broached the topic with lawmakers and acknowledged that “those he asked largely favored the move.” Nevertheless, he suggested he might simply wait for Powell’s current term to expire.
“Fortunately, I get to make a change in eight months or so,” Trump said, referring to the end of Powell’s term as Fed chair.
Powell, who has led the Federal Reserve through turbulent economic periods, including pandemic-era policy responses and inflationary pressures, has at times clashed with Trump’s views on monetary policy. Trump has been a vocal critic of the Fed’s interest rate decisions, accusing Powell of undermining economic growth.
Yet removing a sitting Fed chair is unprecedented in modern history, and legal experts have debated whether a president even possesses unilateral authority to fire a central bank leader absent misconduct.
White House Tensions Spill Into Public View
The latest episode underscores Trump’s tendency to test the waters among allies before potentially executing major personnel decisions. In the past, he has floated removing top officials like former FBI Director James Comey and former Attorney General Jeff Sessions before finally acting.
Powell, for his part, has maintained a public posture of independence and has largely refrained from direct engagement with Trump’s criticisms. At a press conference in early May, Powell declined to comment on political speculation and reiterated the Fed’s commitment to its dual mandate of promoting employment and controlling inflation.
Broader Political Backdrop
The intrigue around Powell’s fate comes at a time of significant political crosscurrents for the Trump administration. On Wednesday, Trump also addressed a separate controversy, stating he would allow the Justice Department to release any “credible” documents related to the Jeffrey Epstein investigation, even as he continued to denounce the probe as a “hoax.”
Speaking from the Oval Office, Trump said, “Whatever is credible, she can release,” referring to Attorney General Pam Bondi. Yet he doubled down on his assertion that the Epstein matter was an invention by Democrats and “stupid and foolish Republicans.”
“It’s all a big hoax,” he declared. “We do have bigger problems.”
Trump’s dismissive remarks come amid significant backlash from his MAGA base, many of whom are demanding greater transparency about the Epstein investigation.
Economic Stakes Ahead
For now, Powell remains in place as the head of America’s central bank, tasked with steering monetary policy during a period of economic uncertainty and political turbulence. Whether Trump ultimately acts to replace him—or simply uses the threat as a political cudgel—remains one of Washington’s key questions heading into the next several months.
Either way, Trump’s willingness to publicly float the idea of firing Powell underscores how deeply intertwined politics and monetary policy have become under his presidency. As Powell’s term approaches its end, the possibility of a leadership change at the Federal Reserve could have significant implications for financial markets and the broader economy.
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