Trump Signals Low Likelihood of Firing Fed Chair Powell

President Donald Trump said on July 16 that he was not planning on firing Federal Reserve Chair Jerome Powell, following weeks of criticism directed at the central bank chief for not lowering interest rates. Trump has repeatedly left the possibility of ousting Powell on the table, with Treasury Secretary Scott Bessent telling Bloomberg Television on Tuesday that the “formal process” for selecting a successor to Powell is already underway. Powell, who was nominated to chair the Fed in 2017 by Trump, began his second term in 2022. His term expires in May 2026. Bloomberg reported early Wednesday that Trump was likely to fire Powell soon, leading to a drop in stocks and the dollar, and an increase in Treasury yields....