Trump Considered Firing Federal Reserve Chair Powell: Political Pressure Fuels Speculation

Donald Trump has denied plans to dismiss Federal Reserve Chairman Jerome Powell, but discussions within the White House did consider legal options for removal following his public criticism of the Fed. This speculation involved senior officials including Treasury Secretary Steven Mnuchin and Commerce Secretary Wilbur Ross, who intervened to halt these discussions. Despite this political turmoil, no immediate market impact was observed, with cryptocurrency markets showing limited reactions. Key points include Trump’s denial, internal White House deliberations on potential removals, and notable historical precedent of Presidents failing to remove the Fed Chair.