President Donald Trump said Wednesday that he is unlikely to fire Federal Reserve Chair Jerome Powell, a day after indicating to House Republicans that he would.
In a meeting Tuesday night, Trump queried a dozen House Republicans on whether he should fire Powell, with The New York Times reporting that Trump had already drafted a termination letter. Many of the gathered lawmakers reportedly approved.
“I talked about the concept of firing him. I said, ‘What do you think?'” Trump said. “Almost every one of them said I should.”
After the Tuesday meeting, Rep. Anna Paulina Luna, R-Fla., suggested Powell’s termination was a done deal.
“Hearing Jerome Powell is getting fired! From a very serious source,” Luna wrote on X.
However, by Wednesday, Trump had walked the threat back, saying he was “highly unlikely” to fire Powell.
“He’s doing a lousy job. But no, I’m not talking about that. We get, fortunately, we get to make a change in the next, what, eight months or so, and we’ll pick somebody that’s good,” Trump said.
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Powell, appointed by Trump during his first administration, is set to complete his term in May 2026. While Trump is denying plans to fire Powell, he still left it as a possibility.
“I don’t rule out anything but I think it’s highly unlikely unless he has to leave for fraud,” Trump said.
The Trump administration has been after Powell for months, adamant that the Federal Reserve lower interest rates, but Powell has refused due to uncertainty surrounding Trump’s tariffs. In the wake of his frustration with Powell, Trump has suggested that there could be “fraud” related to the central bank’s $2.5 billion renovation project.
