Trump stated he is unlikely to fire Jerome Powell, the Federal Reserve Chair he appointed in 2018. Powell's term ends in May 2026, and Trump has criticized him for not lowering interest rates, claiming they are too high. After discussing renovation costs of the Fed's headquarters, Trump expressed that firing Powell would be disruptive. The president's remarks may reassure Wall Street following a decline in stock values coinciding with disappointing job reports and revisions to previous job gains.
Trump has reportedly considered firing the knucklehead Fed chair, though he can only do so for cause. Trump has denied the reporting.
The president has potentially seeded the ground for such a move by criticizing Powell's oversight of major renovations to the Fed's headquarters in Washington, D.C.
The Fed rate is too high, the president told Rob Finnerty in an interview with Newsmax on Friday night.
Those words could come as somewhat of a comfort to Wall Street on a day where stocks slid after a terrible July jobs report.
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