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Donald Trump has said he has “no intention” of firing the Federal Reserve chair Jay Powell, after indications that he could sack him sparked a sell-off in markets.
The president has repeatedly hit out against the Fed chair’s refusal to cut interest rates and last week signalled he believed he could dismiss Powell before his term as central bank head comes to an end in May 2026.
While Trump reiterated his complaints that the Fed needed to cut borrowing costs in comments in the Oval Office on Tuesday afternoon, he added: “I don’t want to talk about that because I have no intention of firing him.”
The remarks would appear to end speculation that the Fed chair will soon be dismissed.
This is a developing story
