Trump Faces Off with Powell: Speculations on Federal Reserve Leadership

President Donald Trump addressed the media on Wednesday, stating he has no current plans to fire Federal Reserve Chair Jerome Powell. Trump, however, criticized Powell's interest rate policies and did not completely dismiss the possibility of firing him amid an investigation into Fed project cost overruns.

President Donald Trump announced on Wednesday that there are no immediate plans to dismiss Federal Reserve Board Chair Jerome Powell. This statement comes amidst rising tensions over the central bank's handling of interest rates.

Trump reiterated his disapproval of Powell's refusal to further lower interest rates, expressing intentions to consider replacements once Powell's term concludes in May 2026.

When pressed about potentially firing Powell, Trump did not entirely rule out the possibility, noting it would be highly unlikely unless allegations of fraud were substantiated during an ongoing investigation into a $2.5 billion Federal Reserve renovation project.

(With inputs from agencies.)