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According to a report by The New York Times, President Trump has drafted a letter to fire Federal Reserve Chair Jerome Powell.
The report claims Trump showed the letter to House Republicans during a meeting Tuesday night.
🚨 BREAKING: President Trump has drafted a letter to FIRE Jerome Powell, per NYT
Man, I REALLY hope this is true.
Send it, @realDonaldTrump! 🔥 pic.twitter.com/4LxLQCAR2p
— Nick Sortor (@nicksortor) July 16, 2025
More from The New York Times:
It remains to be seen whether Mr. Trump will actually go ahead with trying to fire Mr. Powell, a move that some in his administration have cautioned could be calamitous and have far more expansive fallout than the president appears to anticipate.
The president has in recent weeks called on Mr. Powell to resign, saying he has not done enough to lower interest rates. But as recently as Friday Mr. Trump said he had no plans to fire Mr. Powell, despite saying the Fed chair was doing a “terrible job.”
Some advisers to and allies of Mr. Trump insist he’s simply trolling Mr. Powell and hoping to torment the Fed chair but won’t actually follow through with trying to fire him.
But the existence of the letter — and Mr. Trump’s interest in discussing it — suggests that the president is engaging in the type of moves that he often does ahead of ultimately making a major decision.
“Hearing Jerome Powell is getting fired! From a very serious source,” Rep. Anna Paulina Luna (R-FL) said Tuesday evening.
Hearing Jerome Powell is getting fired! From a very serious source. 👀
— Anna Paulina Luna (@realannapaulina) July 16, 2025
“Like I said. Fired,” Luna said Wednesday after reports broke.
Like I said. Fired. https://t.co/rGH813shX0
— Anna Paulina Luna (@realannapaulina) July 16, 2025
“Jerome Powell better lower those interest rates. You heard @POTUS’s statement just now. Plenty of smart people with common sense begging for the job. Ball is in his court. If he doesn’t lower rates he will be FIRED. Bookmark this,” she added.
Jerome Powell better lower those interest rates. You heard @POTUS ‘s statement just now. Plenty of smart people with common sense begging for the job. Ball is in his court. If he doesn’t lower rates he will be FIRED. Bookmark this. https://t.co/cyaXaydiSZ
— Anna Paulina Luna (@realannapaulina) July 16, 2025
CBS News noted:
Some members of the House Financial Services Committee were planning to meet with Powell on Wednesday night, sources told CBS News. Some members want to reinforce the independence of his role, one of the sources said.
Mr. Trump’s dissatisfaction with Powell, and his view that the Federal Reserve is not acting quickly enough to cut interest rates, has been a frequent topic of discussion for the president in recent weeks. Mr. Trump has nicknamed Powell — who was first elevated to the role of Fed chair by Mr. Trump — “Mr. Too Late.”
“I think he’s terrible,” Mr. Trump told reporters Tuesday. “You talk to the guy, it’s like talking to a — nothing. It’s like talking to a chair. No personality.”
“I think he’s a total stiff. But the one thing I didn’t see him is a guy that needed a palace to live in,” he said, referring to the building renovation.
Last month, Mr. Trump insisted he wouldn’t force Powell out, though he has called on Powell to resign before his term as chair ends in May 2026.
“The fake news is saying, ‘Oh, if you fired him, it would be so bad, it would be so bad.’ I don’t know why it would be so bad, but I’m not going to fire him,” the president said June 12.
Mr. Trump has lashed out against the Fed for leaving interest rates steady so far this year after cutting rates last year. Further rate cuts could boost economic growth and make it easier for Americans to borrow money, but at the risk of causing inflation to spike.