Trump threatens to fire Fed chair Powell if he doesn't leave in May

Donald Trump has threatened to fire Federal Reserve Chair Jerome Powell if he does not step aside at the end of his term in May. Trump told Fox Business, "Then I'll have to fire him," when asked about Powell's plans to stay on in the job. Powell's term expires on May 15.

Trump said, "I've held back firing him. I've wanted to fire him, but I hate to be controversial." Powell plans to remain in post until his successor, Kevin Warsh, is confirmed by the Senate. Thom Tillis has threatened to block Warsh's confirmation unless a criminal investigation into Powell, linked to the renovation of the Federal Reserve building, is dropped. Trump has accused Powell of mishandling the Federal Reserve renovation, spending billions of dollars on a project which he suggested could have been carried out for tens of millions.

Trump said he was hopeful Tillis would drop his opposition to the appointment, adding that he "is an American… he knows what to do". He also said he was not prepared to have the probe into Powell dropped, stating, "Don't you think we have to find out what happened there? I have to find out." Stock markets and the US dollar slipped after it emerged in 2025 Trump had broached the idea of firing Powell.