Trump Denies Intent to Oust Fed Chair Powell Amid Criticism

U.S. President Donald Trump dispelled rumors about firing Federal Reserve Chair Jerome Powell, despite criticism over cost overruns in the Fed's headquarters renovation. While discussions with Republican lawmakers occurred, Trump remains conservative about removing Powell, who plans to serve his full term until May 2026.

U.S. President Donald Trump has refuted claims of plans to dismiss Federal Reserve Chair Jerome Powell, following a Bloomberg report that caused fluctuations in stock markets.

Trump suggested it was unlikely for Powell to be removed unless involved in fraud, amid existing criticism from the White House and Republican lawmakers over cost overruns at the Fed's headquarters renovation. Despite discussions on the subject, Trump appears more cautious than his conservative counterparts.

Federal Reserve Chair Jerome Powell is committed to completing his term, as confirmed by a Fed official. Powell, originally nominated by Trump and later by President Joe Biden, responded to White House concerns by initiating a review into the Fed's renovation expenditures.

(With inputs from agencies.)