Will Trump fire Federal Reserve Chairman Powell? The president contradicts himself

ael. US President Donald Trump reportedly showed Republicans in the House of Representatives a draft letter on the dismissal of Jerome Powell, the chairman of the US Federal Reserve. Bloomberg first reported this on Wednesday, citing insiders. Trump reportedly asked several Republican lawmakers about Powell's dismissal and received a positive response.

The report caused the dollar to plummet on the stock market, with US stocks falling to their lowest level in two weeks.

Trump later refuted the rumors, saying it was highly unlikely he would fire Powell unless he was charged with fraud. Trump was referring to the ongoing renovation of the Federal Reserve building, which the president and his advisers say has exceeded expected costs. The renovation of the historic headquarters in Washington was originally budgeted at $1.8 billion, but has now cost nearly $2.5 billion.

However, in a conversation with reporters, Trump admitted that he had "discussed the concept of firing him" during a meeting with Republican lawmakers. Trump also said he would not rule out firing Powell, while making it clear that he was deeply dissatisfied with the Fed chairman and that there were "many people" who wanted his job. Trump has repeatedly criticized Powell sharply in recent weeks: He accuses him, among other things, of not lowering interest rates quickly enough and thereby slowing the American economy.

Democratic Senator Elizabeth Warren said Wednesday on Platform X that President Donald Trump's interest in renovating the Federal Reserve headquarters was a "clear pretext" to fire Jerome Powell.