Trump: There was never a plan to fire Powell, it was all false talk spread by the media

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On April 23, according to the Wall Street Journal, US President Trump stated this week that he never had plans to fire Federal Reserve Chairman Powell and accused the media of spreading false statements.

However, within the White House, some senior officials took Trump's recent public suggestion of firing Powell seriously. According to people familiar with the matter, as Trump's criticism of the Federal Reserve chairman escalated last week, White House lawyers privately examined legal options for removing Powell.

Early this week, when Trump told his senior assistants that he would not attempt to remove Powell, these discussions came to an abrupt end. These sources said that under the intervention of Treasury Secretary Mnuchin and Commerce Secretary Ross, Trump made this decision, warning him that such a move could trigger far-reaching market turmoil and a chaotic legal battle. One of them said that Ross also told the president that firing the Federal Reserve chairman would likely not result in any actual changes in interest rates, as other members of the Federal Reserve Board would probably adopt monetary policies similar to Powell's. (Jinshi)

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