President Trump has told top Republican lawmakers he is likely to fire Federal Reserve Chair Jerome Powell, two sources briefed on the discussions told The New York Post.
The confirmation follows a Bloomberg News report citing people familiar with the matter, which said Trump raised the plan during meetings with GOP lawmakers on Tuesday.
An administration official close to the president, speaking on condition of anonymity, confirmed the talks with congressional Republicans to The Post.
“They expressed approval for firing him. The President indicated he likely will soon,” the source said.
The news comes as Powell came under fire for refusing to cut interest rates despite Trump’s relentless demands. Trump has expressed frustration with Powell in several recent TRUTH Social posts.
Trump calls Powell “Too Late.”
“Too Late” DEMEANS THE GREAT CREDIT OF THE USA. We are now, again, the Number One Credit in the World! “Gigantic Comeback.” The Fed Rate should be reflective of this. We should be at the top of the list!!! LOWER THE RATE!!!
Trump denied reports that he would fire Powell during an Oval Office presser on Wednesday.
“We’re not planning on doing anything,” Trump told reporters.
“No, I’m not talking about that,” when asked about Powell’s firing.
“Fortunately, we get to make a change in the next eight months.”
Watch the clip below:
🚨 JUST IN: President Trump says he is "not planning" to fire Jerome Powell following reports saying he is considering it, but says it could happen if Powell committed "FRAUD" under the $2.7B renovation
"I don't rule out anything, it's highly unlikely, unless he has to leave for… pic.twitter.com/1DnLIstKiB
— Eric Daugherty (@EricLDaugh) July 16, 2025
This story is developing…
President Trump told top GOP lawmakers he will likely fire Fed Chair Jerome Powell: sources https://t.co/QThofX2pUM pic.twitter.com/TK9Umt3KLu
— New York Post (@nypost) July 16, 2025