The White House confirms: Trump is considering whether to fire Powell.

On Friday (April 18) local time, White House National Economic Council Director Kevin Hassett confirmed that U.S. President Trump and his team are studying whether they can fire Federal Reserve Chairman Powell. Trump and Powell's conflicts continue to escalate As a senior Republican, Powell was nominated and appointed by Trump in his first term, and was reappointed during the previous President Biden's administration. During his first term, Trump frequently criticized the Federal Reserve and Powell publicly, often urging the Fed to cut interest rates. In his second term, Trump continued to pressure Powell to lower rates. However, faced with pressure from Trump, Powell has always insisted on the independence of the Federal Reserve and has been reluctant to yield to the president's wishes. This week, the conflict between Trump and Powell has further intensified. Trump publicly criticized the Fed's monetary policy as completely confused three times on Thursday and claimed that Powell should have been fired long ago. Media reports have revealed that Trump has been privately discussing the possibility of firing Powell for months, and intends to have former Fed governor Kevin Warsh take over. It is reported that there is disagreement within the Trump team on whether Powell should be fired, with Treasury Secretary Mnuchin and Warsh himself opposing Powell's dismissal. White House officials confirm that the option of firing Powell is being considered When asked if "it is now more likely to fire Jerome Powell," Hassett answered, "The president and his team will continue to study this issue." As early as Trump's first term, he considered firing Powell. Powell's stance has not changed, that is, if his position is challenged, he will resist through legal means. Powell's term as Chairman of the Federal Reserve will end in May next year, while his term as a member of the Federal Reserve Board will continue until January 2028. Since December last year, the Federal Reserve has kept the federal funds rate target range at 4.25% to 4.50%. This week, Powell stated that given the uncertain impact of tariffs and other government policies, he and his colleagues are not eager to change their current wait-and-see stance. Hassett said he is concerned about the Federal Reserve's policy actions, not personal issues. He criticized the Fed's decisions to raise interest rates during Trump's first term and to characterize tax cuts as inflation drivers, but did not question former President Biden's "out-of-control spending." He called these expenses "textbook inflationary factors." "So if you think that President Trump's dissatisfaction with the Fed's past policies is unacceptable, then I think you need to do some explaining," Hassett said. Hassett said that Trump's policies are driving capital investment and job growth, while inflation is declining. "So, in this context, those who remain silent on the issue of out-of-control spending, but now come out and say 'because of tariffs, this will lead to an inflation disaster,' these people really need to improve their models and arguments," he said. As the most influential central bank in the world, the Fed's credibility largely depends on the independence of its actions, free from political interference. If Trump attempts to remove Powell, it could further exacerbate market turmoil. Global financial markets have already suffered a major blow due to Trump's erratic tariff policies.