Trump allegedly pens letter to fire Fed Chair Jerome Powell: rumors not true

President Trump allegedly showcased a draft letter to fire Federal Reserve Chair Jerome H. Powell during a meeting with House Republicans. He expressed his disdain for Powell, whom he appointed in 2017, citing a lack of action on interest rates. Although Trump has called for Powell’s resignation, he claimed last week he had no plans to fire him. Some advisers believe Trump is merely trying to provoke Powell. Representative Anna Paulina Luna suggested firing Powell was “imminent.”

However, a Trump ally indicated that no action is likely, as the president may just continue his public criticisms. Furthermore, Trump himself denied the existence of a latter and said it's not very likely he will try to fire Powell. With Powell’s term ending in May, any attempt to fire him would be unprecedented, as presidents need cause, typically malfeasance, to remove a Fed chair.