Trump stated it is 'highly unlikely' he will dismiss Federal Reserve Chair Jerome Powell, unless for fraud. This comment followed private discussions with Republican lawmakers, where firing Powell was considered due to his refusal to lower interest rates. Trump had previously waved a draft letter for Powell’s dismissal, although it was more of a prop. Tensions around Powell have grown, especially regarding mismanagement claims related to a renovation project at the Fed, which added to Trump’s frustrations and desires for policy control.
During a private meeting, Trump hinted at the possibility of dismissing Powell, citing frustrations with the Fed’s interest rate policies. Almost all attending Republicans advised firing him.
Trump waved a draft letter intended for Powell’s dismissal, which was described as more of a prop than a real document crafted by him.
While meeting with the Bahraini crown prince, Trump stated it was 'highly unlikely' he would fire Powell, unless it was due to fraud allegations.
Accusations against Powell for mismanaging a $2.5 billion renovation project reflect Trump's ongoing tension with the Fed, revealing his desire for control over monetary policy.
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