Trump rejects reports of him wanting to sack Fed chair

2025-07-20 08:42:20

(MENAFN) U.S. President Donald Trump has denied reports that he plans to fire Federal Reserve Chair Jerome Powell, following claims made by a senior White House official cited by a news agency.

According to the report, Trump had allegedly asked Republican lawmakers for their opinions on dismissing Powell, and expressed that he was likely to move forward. However, speaking later on Wednesday, Trump said, "we're not planning on doing it. I don't rule out anything ... But I think it's highly unlikely."

The denial comes amid continued criticism from Trump targeting Powell, particularly over interest rates. Recently, White House officials also criticized Powell over what they described as excessive renovation costs at the Fed's Washington headquarters.

Despite Trump's remarks, a Supreme Court decision has clarified that the president does not have the authority to dismiss Federal Reserve officials.

Treasury Secretary Scott Bessent, in an interview with a media organization, expressed doubt that Trump would go through with such a move.

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