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Trump Downplays Powell Firing Rumors
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President Donald Trump says it’s “highly unlikely” he’ll fire Federal Reserve Chair Jerome Powell, despite earlier asking Republicans if he should. Reports of Trump considering Powell’s removal briefly rattled markets before he downplayed the idea, saying it would only happen for fraud. Trump has repeatedly criticized Powell for not cutting interest rates fast enough, even calling him a “knucklehead.” Analysts suggest the administration may be building a case for dismissal, citing a \$2 billion renovation project at the Fed. Powell’s term ends next May, and under federal law, he can only be removed for serious misconduct. The Fed has defended its independence, warning political interference could harm investor confidence. Trump has floated possible replacements, including Treasury Secretary Scott Bessent. For now, Powell insists he’ll finish his term as the U.S. economy faces slowing growth, trade tensions, and pressure over interest rates. Many economists warn that firing Powell could destabilize global financial markets.
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