President Donald Trump told reporters Tuesday that he has no intention of firing Federal Reserve Chair Jerome Powell, according to CNBC. Trump recently labeled Powell a “major loser” and urged immediate rate cuts. The president said in the Oval Office he “never did” seek Powell’s removal and blamed media speculation for the controversy. The reversal comes days after White House economic advisor Kevin Hassett confirmed Trump’s team had studied firing the Fed chief. U.S. stock futures rallied following Trump’s assurance, rebounding from a sell-off triggered by his earlier attacks on the Fed. Critics say any effort to remove Powell would shatter the Fed’s independence and destabilize financial markets.
