President Donald Trump denied reports that he plans to fire Federal Reserve Chair Jerome Powell, calling them “not true” during a bilateral meeting with Bahrain’s Crown Prince and Prime Minister on Wednesday.
“I’ve got so many people begging for that job,” Trump said, downplaying the speculation. He added that the Fed chair position is “one of the easiest jobs in government,” saying, “You show up once a month and make a statement.”
.@POTUS on the next Fed Chair: "I have so many people that want that job... You know what you need there? A smart person with common sense... I was right — all of the economists were wrong." pic.twitter.com/6l95YFhtsZ
— Rapid Response 47 (@RapidResponse47) July 16, 2025
The president also criticized Powell’s push to expand the Fed’s economic advisory team, questioning the value of more economists. “The economists have been wrong. I was right. They admitted it this morning,” Trump said.
While Trump’s tone suggested he remains dissatisfied with Powell, he appeared to walk back immediate action. The remarks follow reports that he showed a draft firing letter to House Republicans earlier this week.
Fed has been totally asleep at the wheel. As President Trump says, they’re TOO LATE—both in fighting inflation during Biden and in lowering rates now. https://t.co/yTRg2uSFzB
— JD Vance (@JDVance) July 13, 2025
Trump reportedly waved a draft letter firing Federal Reserve Chair Jerome Powell during a private Oval Office meeting with House Republicans on Tuesday night, polling attendees on whether he should move forward, according to sources cited by The New York Times.
Though the meeting was scheduled to address crypto legislation, Trump pivoted to his ongoing feud with Powell, whom he accuses of refusing to lower interest rates. The president has escalated his attacks in recent weeks, calling Powell a “stubborn mule” and “major loser.”
While some aides believe Trump is simply taunting the Fed chair, the letter’s existence suggests he may be preparing for action. Rep. Anna Paulina Luna posted on X that “firing is imminent.”
Jerome Powell is going to be fired. Firing is imminent.
— Rep. Anna Paulina Luna (@RepLuna) July 16, 2025
Legal experts warn that removing a Fed chair without cause is likely to face serious legal hurdles. Powell’s term ends in May, but he may remain on the Fed’s board through 2028.
