Citing a probe into cost overruns on a $2.5 billion Fed reconstruction project, US President Donald Trump stated on Wednesday that he had no plans to replace Jerome Powell, the chair of the Federal Reserve Board, but he did not rule anything out. Trump said he would concentrate on choosing a replacement in a few months, but he reiterated his criticism of Powell for failing to cut interest rates. Powell will leave office in May 2026.
When asked if firing Powell was a possibility, Trump responded, “I don’t rule out anything but I think it’s highly unlikely unless he has to leave for fraud.” Following a path that indicated the president was amenable to the possibility of dismissing Federal Reserve Chair Jerome Powell, he made his remark. According to the source, Trump surveyed Republican legislators about removing Powell and got a favorable reaction.
According to a Semafor reporter, Republicans on the House Financial Services Committee are scheduled to meet with Jerome Powell, the chairman of the Federal Reserve, on Wednesday. The reporter stated on X that the meeting will begin at 6 p.m. (2200GMT).
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