President Donald Trump backed off his attacks on Jerome Powell after his threats to sack the Federal Reserve chairman spooked investors and sent the stock market spiraling.
“I don’t want to talk about that because I have no intention of firing him,” Trump said of Powell at the Oval Office on Tuesday.
It’s a marked about-face from Trump’s recent Truth Social posts calling for the ouster of the Federal Reserve chairman, whom he has dubbed “Too Late” for refusing to slash interest rates to offset the impact of the president’s devastating tariffs.
“There can be a SLOWING of the economy unless Mr. Too Late, a major loser, lowers interest rates, NOW,” Trump wrote on Monday as all three major indexes—the Dow, S&P 500, and Nasdaq Composite—logged losses of up to 972 points.
“I have no intention of firing him (Jerome Powell).” – TrumpThe big bosses called up the White House this weekend and told Donald to go back to talking about transgender toilets and leave the real stuff to the big boys. pic.twitter.com/zo5TPCQehs
— Spencer Hakimian (@SpencerHakimian) April 22, 2025
“Too Late should have lowered Interest Rates, like the ECB, long ago, but he should certainly lower them now,” Trump said in another Truth Social post last week. “Powell’s termination cannot come fast enough!”
The three stock market benchmarks ended Tuesday in the green after Treasury Secretary Scott Bessent signaled that “de-escalation” of the U.S.-China trade war was coming in the “very near future.”
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