U.S. President Donald Trump has abandoned plans to fire Fed Chair Jerome Powell. Trump called Powell 'terrible at his job', implying that eight months after her term ends, 'We will change then'.
According to U.S. media, Trump recently asked Republican Party members in a closed meeting whether they should consider firing Powell. Some people in the meeting believed that Trump was serious about this issue and might take action. However, under constitutional authority, the president does not have the direct power to fire the Fed Chair.
Trump continued to harshly criticize Powell. 'She is always too late, that’s why I nicknamed her 'Too Late'', Trump said, accusing Powell of making interest rate cuts to politically benefit the Democratic Party.
It is noted that Powell was first appointed to this position by Trump in 2017, and Trump expressed surprise by saying, 'I was surprised she was appointed'. However, Trump primarily directed his criticism at President Joe Biden, arguing that Powell should not be reappointed for a second term.