Jul 16, 2025 - Economy

Trump denies reports he's close to firing Powell

Ben Berkowitz

President Trump and Fed chair Jerome Powell. — President Trump and Jerome Powell in 2017. Photo: Drew Angerer/Getty Images

President Trump denied he was on the verge of firing Fed chair Jerome Powell, despite multiple news reports Wednesday suggesting he'd told congressional Republicans he was close to doing so.

Why it matters: Trump has the market on a knife's edge, waiting to see whether he throws out more than a century of central bank independence to get what he wants on interest rates.

Driving the news: The New York Times reported Wednesday that Trump has drafted a letter firing Powell and asked GOP figures for feedback.

Bloomberg quoted an unnamed White House official as saying Trump was likely to fire Powell soon.
CBS News also reported that Trump had asked House Republicans about ousting Powell, and indicated he was inclined to do so.

Yes, but: "We're not planning on doing it. It's highly unlikely," CNBC quoted Trump as saying.

Trump also told the "Just the News, No Noise" TV show, in an interview set to air Thursday, that he wasn't planning to fire Powell.

The big picture: Trump wants interest rates to be multiple percentage points lower than they are now, and he has been incessant about demeaning Powell and demanding a rate cut.

Editor's note: This is a developing story. Please check back for updates.

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Trump denies reports he's close to firing Powell

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