Trump says he has no plan to fire Fed Chair Powell; market surges

De-escalation follows days of president criticizing top US central banker

U.S. President Donald Trump looks on as Jerome Powell, his nominee for chair of the U.S. Federal Reserve, speaks at the White House in 2017. © Reuters

April 23, 2025 07:34 JST

Updated on April 23, 2025 09:26 JST

WASHINGTON (Reuters) -- President Donald Trump on Tuesday backed off from threats to fire Federal Reserve Chair Jerome Powell after days of intensifying criticisms of the central bank chief for not cutting interest rates.

"I have no intention of firing him," Trump told reporters in the Oval Office on Tuesday. "I would like to see him be a little more active in terms of his idea to lower interest rates," he added.