President Donald Trump said Wednesday that it was “highly unlikely” he would fire Federal Reserve Chairman Jerome Powell “unless he has to leave for fraud.” The statement came less than 24 hours after Trump indicated in a private meeting that he is leaning in favor of dismissing the head of the U.S. central bank.
Trump confirmed that he discussed the “concept” of dismissing Powell in a meeting with about a dozen House Republicans, who had gathered at the White House on Tuesday to discuss crypto legislation in the House.
“Almost every one of them said I should,” Trump said Wednesday during an Oval Office meeting.
U.S. stocks were shaky after the news broke, as such a move could help Wall Street get the lower interest rates that it loves but would also risk a weakened Fed unable to make the unpopular moves needed to keep inflation under control.