Trump Hints at Firing Fed Chair Powell but Says It’s “Highly Unlikely”

President Donald Trump may have drafted the pink slip but for now, Federal Reserve Chair Jerome Powell is still on the job.

During an Oval Office meeting with House Republicans this week, Trump reportedly waved a draft letter to fire Powell and polled GOP lawmakers on whether he should pull the trigger. Some reportedly encouraged him to go for it. But speaking to reporters Wednesday, Trump clarified, “We’re not planning on doing anything,” signaling that while Powell's firing is still on the table, it's not yet imminent.

“It’s highly unlikely that we would fire him,” Trump said. “Fortunately, we get to make a change in the next eight months or so, and we’ll pick somebody that’s good.”

The president’s frustration is no secret. For months, Trump has publicly criticized Powell his own appointee as a “dummy” and “one of the most destructive” officials in government for refusing to cut interest rates, despite record-breaking economic performance under Trump’s leadership.

Let’s look at the facts:

• Inflation remains low, with the Bureau of Labor Statistics reporting a 0.3% month-over-month and 2.7% year-over-year increase in June.

• Wholesale inflation stayed flat last month defying economists’ expectations of a spike.

• The U.S. stock market is setting record highs, and business growth is surging yet the Fed continues to stonewall rate cuts.

Trump isn’t just venting he’s pushing for policy that matches economic reality. “We want to see lower interest rates. Our country deserves it,” he told reporters. And he’s right. With inflation under control and American productivity roaring, the Fed’s continued refusal to lower rates is sabotaging momentum that could lift even more Americans out of economic stagnation.

But Powell and the central bank remain obsessed with “guardrails,” despite the evidence. Last month, Powell even warned Congress that inflation could rise again blaming Trump’s tariffs, and confirmed the Fed won’t consider a rate cut at its upcoming July 29-30 meeting.

This isn’t about economic stewardship it’s about political resistance from an institution that is supposed to be independent, but often leans establishment and globalist in its thinking.

Though no president has ever fired a Fed Chair, the law allows it “for cause” defined as inefficiency, neglect of duty, or malfeasance. And if continued refusal to adapt to real-world economic conditions isn’t inefficiency, what is?

Rep. Anna Paulina Luna (R-FL) seemed to think the ax was coming, posting, “I’m 99% sure firing is imminent.” But Trump’s strategic patience shows he’s weighing both timing and optics saving the option if Powell continues to defy economic logic.

One thing is clear: a Trump-led economy doesn’t need a Fed stuck in the D.C. swamp. It needs bold, responsive leadership ready to maximize growth for working Americans not slow it down to appease academic models and global financial elites.

Stay sharp Powell may still be in his chair, but his seat is getting hotter by the day.

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