President Trump has expressed escalating frustrations with Federal Reserve Chair Jerome Powell, mainly regarding Powell's decision against cutting interest rates. Trump discussed firing Powell in meetings with Republican lawmakers and publicly hinted at this during an Oval Office meeting. Many lawmakers supported the idea of dismissing Powell, which Trump confirmed in remarks afterward. The president continues to criticize Powell's leadership, including his management of a significant renovation at the Fed's headquarters. Meanwhile, Treasury Secretary Scott Bessent has tried to downplay speculation about Powell's termination while confirming a formal process for potential succession is underway.
President Trump has increasingly voiced frustrations about Federal Reserve Chair Jerome Powell, including discussions about possibly firing him over Powell's refusal to reduce interest rates, sparking concerns about the independence of the central bank.
During a meeting with House Republicans, Trump waved a draft letter terminating Powell, seeking their opinions. He later shared with reporters that their consensus leaned towards supporting his dismissal of Powell.
Despite significant frustrations, Trump characterized the potential firing as 'highly unlikely,' while Treasury Secretary Scott Bessent attempted to clarify that the president was not currently looking to replace Powell.
Jamie Dimon, CEO of JPMorgan Chase, has warned that undermining the Federal Reserve's independence could harm financial markets, illustrating the gravity of the ongoing tensions between the president and the Fed.
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