President Trump Pours Cold Water On Rumors He Will Fire Federal Reserve Chair Jerome Powell

By Anthony • July 16, 2025 4:11 pm • Comments

For the last two weeks, rumors have swirled that President Trump would fire Jerome Powell, the chair of the Federal Reserve.

Those rumors amplified after Rep. Anna Paulina Luna, after meeting with President Trump, took to X and posted that Powell’s firing is imminent.

However, while taking questions from the press on Wednesday, Trump shared it was very unlikely he will fire Powell.

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NBC News had more details on Trump’s recent comments on Powell:

President Donald Trump said Wednesday it was “highly unlikely” he would fire Jerome Powell as chair of the Federal Reserve.

His statements, made in the Oval Office, come less than 24 hours after telling a room full of Republican lawmakers that he was considering doing so.
“No, we’re not planning on doing anything,” Trump told reporters in response to a question about whether he wanted to fire Powell.
“I don’t rule out anything but I think it’s highly unlikely unless he has to leave for fraud,” Trump said, while criticizing Powell’s management of a Fed renovation project that the White House had recently floated as a pretext for removing the Fed chair.

The president had asked GOP lawmakers late Tuesday how they felt about firing the Fed chair, according to a senior White House official. They expressed approval for firing him. The president then indicated he likely would soon but that no final decision had been made.
Still, Rep. Anna Paulina Luna, R-Fla., posted on X on Tuesday night that Powell’s firing was “imminent,” something that prompted a sell-off in stock futures before Wednesday’s market open. By noon Wednesday, major stock indexes had recovered to trade almost flat on the day.

Here’s the moment he said it:

Trump also bizarrely stated he was surprised Powell was nominated to be the Federal Reserve Chairman, even though he nominated him back in 2017, per MSNBC:

Donald Trump has made no effort to hide his growing contempt for Federal Reserve Chairman Jerome Powell, but as NBC News reported, the president made a new comment about his target that raised eyebrows:

Trump said he was ‘surprised’ that Powell had been nominated to be chair of the Federal Reserve. ‘I was surprised he was appointed,’ Trump said. ‘I was surprised, frankly, that Biden put him in and extended him.’
The Republican did not appear to be kidding.

I can appreciate the fact that memories can be short in American politics, and Trump often has no use for the integrity of recent history, but there’s no reason for Trump to be “surprised” that Powell was appointed as the Fed chair — because Trump is the one who chose him for the position in 2017. (Joe Biden renominated Powell in 2021, and he received broad, bipartisan support in the Senate.)

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