Trump Stands Firm Amid Controversy Over Federal Reserve Chair Jerome Powell

U.S. President Donald Trump announced he has no immediate plans to dismiss Federal Reserve Chair Jerome Powell, despite an ongoing Justice Department investigation into Powell. Trump, however, remains noncommittal about Powell's future, entertaining potential replacements and dismissing criticism over his intervention in Fed independence.

Amidst growing tension, U.S. President Donald Trump declared he has no current intentions to remove Federal Reserve Chair Jerome Powell despite a Justice Department probe. Trump's comments come during a time of heightened speculation about the independence of the Federal Reserve under his administration.

In a recent interview with Reuters, Trump clarified his stance while expressing dissatisfaction with Powell's handling of interest rates. He alluded to possible successors, including former Fed Governor Kevin Warsh and National Economic Council Director Kevin Hassett, dismissing U.S. Treasury Secretary Scott Bessent from consideration.

The investigation, centered on cost issues related to a massive project, has drawn criticism from Republican senators and foreign officials alike. Nonetheless, Trump remains unfazed by the critiques, prioritizing loyalty and asserting his opinion on Fed policies, especially in light of upcoming elections.

(With inputs from agencies.)