Trump says he won’t fire Fed chair Powell, urges more rate cuts

US President Donald Trump has said he has “no intention of firing” Federal Reserve Chairman Jerome Powell, despite repeatedly criticising him over monetary policy.

Speaking from the Oval Office on April 22, Trump expressed frustration with the central bank’s approach, saying he wished Powell would be “a little more active” in cutting interest rates, Caliber.Az reports, citing Western media.

Trump’s remarks followed a period of intensified criticism, during which he called Powell “a major loser,” triggering a brief selloff in US stocks, bonds, and the dollar. Markets have since begun to stabilise.

The president’s comments came shortly after National Economic Council Director Kevin Hassett suggested on April 18 that Trump was exploring the legality of removing Powell from office—a move without precedent in US history.

Trump originally appointed Powell to head the central bank in 2017 during his first term, while President Joe Biden nominated him for a second four-year term at the end of 2021. The Federal Reserve has not cut interest rates so far this year, maintaining its position after a percentage-point reduction late last year—a policy Trump has sharply criticised.

Meanwhile, Trump also addressed US-China trade tensions, saying he was optimistic about negotiations with Beijing. He added that tariffs would decrease if a deal were reached, though not “to zero.”

Earlier on April 22, Treasury Secretary Scott Bessent reportedly expressed hopes for a de-escalation in the trade dispute, calling the current situation “unsustainable.”

By Khagan Isayev