Trump says he has no plans to fire the chairman of the Federal Reserve at this time.

On July 16, local time, President Trump once again emphasized that Federal Reserve Chairman Powell was "terrible and not doing his job." However, regarding earlier reports from multiple US media outlets that "Trump may soon fire Powell," Trump stated that there are currently no plans to take any action, nor has he drafted any dismissal letters as reported by some US media. He did admit to discussing the topic with lawmakers and mentioned that personnel changes will be made within the next 8 months, as Powell's term is set to end in May next year. Trump denied the rumors of firing the Fed Chairman quickly, stating that he "probably won't fire Powell unless fraud is proven." He also mentioned that White House economic advisor Kevin Hassett is a candidate for the Fed position. The day before, Trump had also mentioned Treasury Secretary Mnuchin as a candidate for Fed Chairman. In response to questions from Republican lawmakers about whether Powell should be fired, Trump reportedly "drafted a letter to dismiss Powell" and "might announce his dismissal soon." As a result of these reports, US Treasury yields fell. Powell was appointed during Trump's previous term as president. Since returning to the White House this year, Trump has frequently pressured the Fed to lower interest rates, criticized Powell multiple times, and threatened to remove him from his position as Fed Chairman. Powell has stated that as president, Trump does not have the legal authority to dismiss him, and he will continue to work until the end of his term in May 2026. However, recently, the Trump administration has seized on the high renovation costs of the Fed headquarters building as a new "opening," attempting to "get rid of" Powell before the end of his term.