15 April,2026 08:22 PM IST | Mumbai | mid-day online correspondent
Trump targets Fed chief Jerome Powell over policy disagreements. File Pic/AFP
President Donald Trump has once again targeted Federal Reserve Chair Jerome Powell, expressing frustration over his handling of interest rates, reported the AFP.
President Trump has repeatedly criticised Powell for not cutting rates aggressively and said he may take action if Powell continues beyond his term which ends in mid-May. In an interview with Fox Business, Trump said, "I'll have to fire him⦠if he is not leaving on time." He also added, "I've wanted to fire him," reported AFP.
The Federal Reserve Chair is one of the most powerful economic policymakers in the world. The role is less about "giving orders" and more about guiding the entire US monetary system. Their biggest power is influence over interest rates, financial stability and market expectations.
Powell's current term as head of the Federal Reserve is set to end in mid-May. While it is uncommon, a Fed chair can remain on the board even after their leadership term ends. However, Trump's comments suggest he expects Powell to step down completely once his term concludes.
Powell was first appointed as Fed Chair during Trump's presidency in 2018 and was later reappointed in 2022 under President Joe Biden.
The Trump administration has also launched an investigation into Powell over alleged cost overruns related to renovation work at the Federal Reserve. When asked if the Justice Department probe would be dropped, Trump said, "I'm not playing. I have to find out," reported the news agency.
The administration has also moved against other Fed officials, including efforts to remove Governor Lisa Cook.
Trump has nominated former central banker Kevin Warsh as Powell's successor. Warsh is scheduled to appear before the Senate Banking Committee for his confirmation hearing next week. However, his nomination is facing challenges.
Some lawmakers have raised concerns that the investigation into Powell could be seen as political pressure on the central bank.
The situation highlights growing tensions between the White House and the independent Federal Reserve. The outcome of the nomination process and investigation will determine whether Powell continues in his role or is replaced in the coming months.
Republican Senator Thom Tillis has said he will block Warsh's nomination until the investigation is resolved. As long as the nomination remains pending, Powell can legally continue in his position as Fed Chair.
(With AFP Inputs)
