Trump Says He Has No Plans to Fire Fed Chair Powell as DOJ Probe Continues

Overview

• Trump told Reuters it is too early to decide Powell’s fate and said he will announce Fed-related decisions in the coming weeks.
• The Justice Department is investigating Powell over his July 2025 Senate testimony about a $2.5 billion renovation of Fed buildings.
• Powell has denied any misconduct and says the inquiry is being used to pressure him after he resisted calls for deeper rate cuts.
• Trump said he is weighing Kevin Warsh or Kevin Hassett as potential successors and ruled out Treasury Secretary Scott Bessent.
• Republican senators, investors, foreign officials, and former U.S. officials criticized the probe as politicizing the Fed, as the administration defends the inquiry; Powell’s term ends in May 2026, any successor needs Senate confirmation, and a separate attempt to remove Fed Governor Lisa Cook faces Supreme Court review next week.