U.S. President Donald Trump speaks at the White House in Washington, D.C., U.S., April 22, 2025.
Kevin Lamarque | Reuters
President Donald Trump on Tuesday said he has “no intention” of firing Federal Reserve Chair Jerome Powell before his term leading the U.S. central bank ends next year.
“None whatsoever,” Trump said in the Oval Office when asked to clarify that he did not seek Powell’s removal. “Never did.”
The comment represents a dramatic shift for Trump, who has recently ramped up his rhetoric against Powell and declined to rule out the possibility of taking the unprecedented step of firing him.
Trump, who has heaped pressure on the Fed chair to cut interest rates in hopes of goosing economic growth, said last week of Powell, “If I want him out of there, he’ll be out real fast.”
White House economic adviser Kevin Hassett said Friday that Trump and his aides were actively studying possibility of firing Powell.
Powell, whom Trump appointed during his first term as president, is set to serve as Fed chair until May 2026. He has flatly stated that the president cannot remove him under the law.
Federal Reserve Chair Jerome Powell departs after speaking with Dr. Raghuram Rajan, a Professor of Finance at the University of Chicago’s Booth School, during an Economic Club of Chicago event on April 16, 2025 in Chicago, Illinois.
Vincent Alban | Getty Images
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