COINOTAG News reports, on April 23rd, that recent remarks by U.S. President Trump suggest a complicated relationship with Federal Reserve Chairman Powell. In response to accusations of considering Powell’s dismissal, Trump firmly denied any intentions to fire him, labeling the media’s portrayal as misleading. However, insider accounts indicate that some senior White House officials were concerned enough to assess the legal implications of removing Powell amid Trump’s escalating criticisms.
The situation became particularly notable when, according to sources, discussions regarding Powell’s potential ousting gained traction. Ultimately, the intervention by key figures like Treasury Secretary Mnuchin and Commerce Secretary Ross halted any momentum. They highlighted the potential fallout, warning Trump that such a move could lead to significant market volatility and a legal debacle. Ross further pointed out that ousting Powell would unlikely shift monetary policy, as other Federal Reserve members are likely to align with Powell’s current strategies.