Trump: Firing Fed Chair Powell “Highly Unlikely” — Unless Fraud Emerges
President Donald Trump said Wednesday that it is “highly unlikely” he would remove Federal Reserve Chair Jerome Powell from his position, though he stopped short of ruling it out entirely.
In comments to reporters, Trump sharply criticized Powell’s performance, describing him as “terrible” and a “knucklehead” who was too slow to lower interest rates.
“We’re not planning anything,” Trump said. “I don’t rule out anything, but I think it’s highly unlikely—unless he has to leave for fraud.”
Trump raised concerns about a $2.7 billion renovation project at the Federal Reserve’s headquarters, implying potential misconduct. “It’s possible there’s fraud involved with the renovation… he didn’t have proper clearance,” Trump alleged.
The remarks came after a closed-door meeting Tuesday night where Trump reportedly asked House Republicans whether he should fire Powell. Sources told CBS News that several attendees voiced support. Representative Anna Paulina Luna later posted on X that she was “99% sure firing is imminent.”
Asked if a dismissal letter had already been drafted, Trump denied it. “I talked about the concept of firing him. I asked, what do you think? Almost everyone said I should. But I’m more conservative than they are,” he said.
Trump reiterated his view that the Fed has been too slow to cut rates, especially compared to Europe. “Europe has lowered rates ten times in a short period, and we haven’t done any,” he said, claiming the U.S. should have interest rates “three points lower,” which he argued would save “$1 trillion a year.”
He also accused Powell of cutting rates before the election for political reasons, suggesting it was an attempt “to help Kamala or Biden.”
