#TrumpVsPowell President Trump told reporters "I have no intention of firing" Federal Reserve Chair Jerome Powell even though he wants the policymaker to lower interest rates, making the comment less than a week after Trump asserted on social media that "Powell's termination cannot come fast enough."

Trump said he "never did" have the intention of removing Powell, whose term as chair expires in May 2026.

The Trump administration has eased some of the tension that has shaken investors.

"The press runs away with things. No, I have no intention of firing him. I would like to see him be a little more active in terms of his idea to lower interest rates."

Read more: How the Fed rate decision affects your bank accounts, loans, credit cards, and investments

Tuesday’s comment from the president marks a deescalation in a bevy of attacks on Powell after the policymaker said last week that the president’s tariffs would lead to higher inflation and lower growth and that the Fed would hold rates steady for now.

Trump on Friday told reporters, “I'm not happy with him. I let him know it, and if I want him out, he'll be out of there real fast, believe me.”

White House economic adviser Kevin Hassett even said Friday that Trump and his team are studying whether they can remove the Fed chair.