Trump says he has ‘no intention’ of firing Fed Chair Powell

President Donald Trump stated on Tuesday that he has no plans to dismiss Federal Reserve Chair Jerome Powell before his term ends next year. This announcement marks a significant change in Trump’s tone, as he had previously criticized Powell and hinted at the possibility of firing him. Trump’s recent assurance led to a surge in U.S. stock futures. Despite his pressure on Powell to cut interest rates for economic growth, Trump clarified that he has no intention of removing him. Powell, who was appointed by Trump, is expected to remain as Fed chair until May 2026 and has affirmed that the president cannot legally dismiss him. Trump’s comments followed a volatile period in the markets, partly triggered by his criticism of Powell. Critics and analysts warn that removing the Fed chair, an independent position, could cause market turmoil.