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Trump's Plan to Fire Jerome Powell: Latest Updates and Market Reactions

 

The Federal Reserve Chairman Jerome Powell has once again become a focal point in U.S. economic discussions as of July 2025. President Donald Trump's plans to potentially remove Powell from his position have stirred significant reactions across financial markets. This article explores the latest developments and their possible implications.

Trump Considers Removing Powell

According to reports from New York Post, President Trump has discussed the idea of firing Jerome Powell with top Republican lawmakers. Some lawmakers reportedly support this proposal. However, the White House clarified that Trump has not made a definitive decision yet, and Powell's term is scheduled to last until May 2026.

Powell’s Interest Rate Policy and Trump's Pressure

Trump criticizes Powell for not lowering interest rates. Powell argues that due to inflation remaining slightly above target and the effects of trade policies, an immediate rate cut is not advisable. However, Powell has not ruled out the possibility of a rate cut in the upcoming Federal Open Market Committee (FOMC) meeting at the end of July.

Term Duration and Potential Consequences

Powell's current term is set to expire in May 2026. Nonetheless, Trump's intentions to remove Powell have raised concerns about the Federal Reserve's independence. Analysts warn this could lead to market uncertainty and affect long-term interest rates.

Reactions in Cryptocurrency Markets

The news of Trump's possible firing of Powell has also impacted cryptocurrency markets. Bitcoin surged to nearly $120,000 following these developments. Experts suggest that Powell’s removal could lead to looser monetary policies by the Fed, increasing interest in cryptocurrencies.

Conclusion: Expectations and Upcoming Developments

Jerome Powell's future is crucial for the U.S. economy and financial markets. Trump's plans to dismiss Powell could reshape the Federal Reserve's independence and monetary policy. Upcoming announcements and the July FOMC meeting will reveal how this situation unfolds.

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