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Posted on 04/22/2025 3:54:40 PM PDT by Miami Rebel
President Donald Trump on Tuesday said he has “no intention” of firing Federal Reserve Chair Jerome Powell before his term leading the U.S. central bank ends next year.
“None whatsoever,” Trump said in the Oval Office when asked to clarify that he did not seek Powell’s removal. “Never did.”
The comment represents a dramatic shift for Trump, who has recently ramped up his rhetoric against Powell and declined to rule out the possibility of taking the unprecedented step of firing him.
U.S. stock futures rose sharply across major indexes following Trump’s latest remarks.
Trump, who has heaped pressure on the Fed chair to cut interest rates in hopes of goosing economic growth, said last week of Powell, “If I want him out of there, he’ll be out real fast.”
White House economic advisor Kevin Hassett said Friday that Trump and his aides were actively studying the possibility of firing Powell.
Powell, whom Trump appointed during his first term as president, is set to serve as Fed chair until May 2026. He has flatly stated that the president cannot remove him under the law.
Trump on Monday fired off his most incendiary criticism of Powell yet, calling him a “major loser” and urging him to lower rates immediately.
But when asked on Tuesday afternoon about the prospect of firing Powell, Trump said, “the press runs away with things.”
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How? Trump said he was going to fire him?
They hired someone to work as second in command. Maybe that’s their way around it?
“ That’s a reversal from last week, in a big way.”
A big reversal.
Smart.
The financial markets need this
I haven’t kept up with that at all but I do know in the world of politics, people make political statements for effects. There are a hundred different galloping horses and Trump holds the reins on just a few of them.
“Trump said he was going to fire him?”
I guess you were disconnected last week from financial news. The US dollar and the 10-year Treasury were rocked when President Trump threatened just that. And my recollection is that many on this forum were delighted with the prospect.
Search “powell” on the top right of the home page and you’ll find the following stories:
Dow plunges 1,100 points after Trump calls Fed’s Powell ‘a major loser’ for not lowering rates
10-year Treasury yield rises as investors weigh Trump’s criticism of Powell
Trump administration studying option to fire Fed chair Powell: White House
Trump cranks up heat on Fed chair while pressing for
rate cut: ‘Powell’s termination cannot come fast enough!’
Agreed.
“They hired someone to work as second in command.”
Who?
The whole point was so a president can't force them into (presumably lowering) rates. Because most presidents would be doing exactly that, although since 2000s, they've been doing it to much anyway.
How is it smart? Presidents were deliberately never given the power to fire the Fed Chair.
No need to fire him if you own him. I think he does
I didn’t miss the media allegations Trump was going to fire him - what I did miss is Trump on video saying he was going to fire him. Can you link a video where Trump said that?
I guess people don’t remember Jimmy Carter battling the Fed Chair over lowering interest rates?
Who was hired to work around what?
“They hired someone to work as second in command. Maybe that’s their way around it?”
No. There’s a 12 person Federal Reserve Board that votes on monetary policy. There’s the Chairman and two Vice Chairs but they don’t dictate to the Board.
I dont remember his name but I think it was today.
Presidents making the Fed their whipping boy is a favorite pastime.
Politicians will always want easy money. But constant easy money creates inflation.
The Federal Reserve Board originally included two members from the Treasury Dept. The FRB has changed in size and membership over the years.
It’s probably Michelle Bowman. Trump nominated her for Vice Chair of Supervision.
Yes, they do. But for the last 25 years, the Fed has been too accommodating with easy money. That’s where we get inflation.
I have great regard for our President, but in my opinion, sometimes he Gaslights: he will change his mind (or his apparent intention) in such a calm and easy manner, some will deny he ever had certain specific goals, stated or otherwise. Then I’ll wonder:”I could swear I saw a quote with him making those particular statements, or is it me? Am I having a bit of a Biden Moment?”
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