Trump Signals Low Likelihood of Firing Fed Chair Powell

The president said it’s ‘highly unlikely’ that he would fire Powell unless the Fed chair had to ‘leave for fraud.’

President Donald Trump looks on as his nominee for the chairman of the Federal Reserve Jerome Powell takes to the podium during a press event in the Rose Garden at the White House in Washington on Nov. 2, 2017. Drew Angerer/Getty Images

President Donald Trump said on July 16 that he was not planning on firing Federal Reserve Chair Jerome Powell, following weeks of criticism directed at the central bank chief for not lowering interest rates.

Trump has repeatedly left the possibility of ousting Powell on the table, with Treasury Secretary Scott Bessent telling Bloomberg Television on Tuesday that the “formal process” for selecting a successor to Powell is already underway.