Trump's Tug-of-War with the Federal Reserve

President Donald Trump affirmed he is not planning to dismiss Federal Reserve Chair Jerome Powell, despite reports suggesting otherwise, which influenced market fluctuations. Trump has criticized Powell for not lowering interest rates, seeking opinions from Republican lawmakers about a potential dismissal. A Fed official emphasized Powell's intent to complete his term.

President Donald Trump declared Wednesday that he has no plans to remove Federal Reserve Chair Jerome Powell. This announcement comes after a Bloomberg report hinted at an impending dismissal, causing fluctuations in stock and dollar values while increasing Treasury yields.

A source earlier told Reuters that Trump was considering firing Powell, fueled by dissatisfaction over the Fed's stance on interest rates. The president reportedly sought opinions from Republican lawmakers, who largely supported the idea.

When questioned on White House intentions regarding Powell's possible removal, a Federal Reserve official highlighted Powell's commitment to serving his full term, as per his public statements.

(With inputs from agencies.)