Bloomberg reported on Wednesday that Reuters (Reuters) – U.S. President Donald Trump may soon fire Fed Chairman Jerome Powell.
CBS News reported separately that Trump had asked Republican lawmakers whether they should fire Powell, and several people in the room said he said he would do so.
CBS cited reports from multiple sources that a meeting with House members was held in the Oval Office of the White House on Tuesday night.
Trump has repeatedly criticized the Federal Reserve’s monetary policy in recent months, angry at the central bank’s refusal to lower interest rates. Federal Reserve officials refused to cut interest rates until it was clear whether Trump’s tariffs on U.S. trading partners reignite inflation.
Trump called on Powell to resign, but the president has no authority to fire him due to monetary policy disputes.
Powell, who was nominated by Trump in the second half of 2017, then nominated for a second term four years later by Democratic President Joe Biden, said he intends to serve as the Fed Chief at the end of May 15, 2026.
Last week, the White House stepped up criticism of Fed Office of Management and Budget Russell Vight, director of the Federal Reserve’s Office of Management and Budget, sending a letter to Powell saying Trump had undergone a $2.5 billion renovation of his historic headquarters in Washington.
Powell’s response was to ask the U.S. central bank’s inspector general to review the project.
(Reported by Ryan Patrick Jones of Toronto; Edited by Rami Ayyub)
