Trump says he won't fire Fed chair, urges him to lower rates

U.S. President Donald Trump said Tuesday that he has no intention of firing Federal Reserve Chair Jerome Powell, urging him to lower interest rates.

This marks a shift in tone following Trump's sharp criticism of Powell on Thursday and his remarks suggesting he had the authority to fire him.

On Monday, Trump posted on Truth Social, calling Powell "Mr. Too Late, a major loser" and urging the Fed to cut interest rates immediately to prevent a looming economic slowdown.

Coming into office in 2018, Powell began his second term in 2022, which is set to run through May 2026. Powell has previously stated that, under U.S. law, the president does not have the legal authority to dismiss a sitting Federal Reserve chair without "cause," a standard long understood to refer to misconduct rather than policy disagreements.