Donald Trump has said he has “no intention” of firing US 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.
Trump reiterated his complaints that the Fed needed to cut borrowing costs in comments in the Oval Office on Tuesday afternoon, but he added: “I don’t want to talk about that because I have no intention of firing him.”
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