Donald Trump denied plans to fire Federal Reserve Chair Jerome Powell after media reports suggested imminent action. He acknowledged discussing the idea with some Republicans but claimed it is unlikely unless Powell leaves due to fraud allegations. Despite criticism of Powell for interest rate decisions and cost overruns at the Fed, Trump downplayed the firing possibility. Following Trump's comments, stocks and Treasury yields showed stabilization. Senator Thom Tillis defended the independence of the Federal Reserve during this controversy surrounding Powell's leadership.
Trump acknowledged discussing with some Republicans the option of firing Powell but denied a letter had been drafted to do that. He stated the reports of firing Powell are not true.
Trump mentioned, 'I don't rule out anything, but I think it's highly unlikely unless he has to leave for fraud', referring to criticisms regarding cost overruns by the Fed.
After Trump's statements, stocks pared losses and Treasury yields declined as he also criticized Powell for not cutting interest rates and called him a terrible chair.
While Trump acknowledged talking about firing Powell during a meeting with Republican lawmakers, he denied that there was a drafted letter to execute such a plan.
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