During a recent White House meeting, President Donald Trump told reporters he had asked a group of House Republicans whether he should dismiss Federal Reserve Chair Jerome Powell, whom he originally nominated in 2017. According to Trump, “almost every one” of the lawmakers encouraged the move, though the president said he was “more conservative than they are” and is not currently taking action.

Ongoing Clash over Interest Rates

Trump has often lashed out at Powell for failing to slash interest rates to the level the president wants. On Wednesday, he repeated that the Fed “should have cut rates a long time ago,” arguing that Powell’s reluctance has cost the country money and made borrowing—especially for homebuyers—more difficult.

Sharp Personal Critique

Labeling Powell “a terrible Fed chair” who is doing “a lousy job,” Trump contended that strong economic performance is masking the damage he believes the central bank’s policy inflicts. Despite record stock‑market highs and low inflation, the president said the nation “deserves lower rates” to sustain its momentum.

Questions About a Costly Renovation

Trump also attacked Powell over an estimated $2.5 billion renovation of the Federal Reserve’s headquarters, expressing disbelief at the price tag and hinting at potential “fraud” if costs balloon to $2.7 billion. While he stated he is “not planning on doing anything” for now, Trump refused to rule out firing Powell unless he “has to leave for fraud.”

Mixed Signals on Powell’s Future

Just days earlier, Trump had suggested it “would be a great thing” if Powell resigned. On Wednesday, however, he clarified that dismissal is “highly unlikely” at present, although he again criticized President Biden for reappointing Powell, saying he was “surprised” by the decision and remains “very concerned.”