Washington, D.C. – President Donald Trump recently stated that he has no intention of removing Federal Reserve Chair Jerome Powell from his position before his term expires next year. This announcement marks a significant shift for Trump, who has been increasingly critical of Powell in recent times.

Trump’s comments come on the heels of mounting pressure on Powell to lower interest rates in an effort to stimulate economic growth. Despite previous threats of potentially firing Powell, Trump now claims he has no plans to do so.

The possibility of Powell’s dismissal had been actively studied by Trump and his advisors, with White House economic advisor Kevin Hassett revealing that the matter was under consideration. Powell, who was appointed by Trump, has made it clear that the president does not have the authority to remove him from his role.

In a departure from his earlier aggressive criticisms of Powell, Trump now urges the Fed chair to play a more active role in reducing interest rates, emphasizing that the current economic climate calls for such actions. The president’s softer stance on Powell’s potential dismissal comes in the wake of a significant rebound in the stock market following previous uncertainties expressed by the president.

While some critics and analysts warn of the potential market turmoil that could arise from Trump firing Powell, the Federal Reserve’s independence from government intervention has historically been a critical factor in maintaining economic stability. The ongoing debate surrounding Powell’s tenure highlights the delicate balance between political influence and economic policy within the United States.