Trump may consider replacing Powell.

According to foreign media reports on Thursday, former U.S. President Trump recently met with former Federal Reserve Governor Kevin Warsh at Mar-a-Lago, Florida, to discuss the possibility of prematurely replacing current Fed Chair Jerome Powell. Although Warsh advised Trump not to fire Powell or interfere with his term, Trump’s dissatisfaction with Powell seems to be growing.

It is noted that this meeting occurred no later than February this year. In early March, Trump also discussed the same topic with other relevant individuals, indicating that his interest in changing the Federal Reserve leadership is not a spur-of-the-moment decision. Powell’s four-year term is set to last until May 2026, and no official replacement phase has begun yet.

On Thursday morning, Trump posted strongly worded messages on his social platform Truth Social, stating that "the sooner Powell is fired, the better." Later that afternoon, he further expressed his dissatisfaction in the Oval Office to reporters, emphasizing that he has clearly communicated his stance to Powell and hinted he could have him "leave quickly" if necessary. However, when pressed about whether he truly intends to replace Powell, Trump did not provide a direct answer.

According to current legal regulations, the President does not have the authority to directly remove the Federal Reserve Chair, a point Powell himself has publicly stated multiple times. This stance is supported by some members of Congress, who point out that any attempt to undermine the Fed’s independence could have significant repercussions on the U.S. financial system.

The Fed Chair is responsible for developing key monetary policy and ensuring economic stability, and the independent operation of the institution is viewed as a core mechanism to prevent runaway inflation and maintain market confidence. Trump's actions have once again stirred concerns about administrative interference in the Fed’s decision-making process, raising fears that political forces influencing central bank decisions could undermine global investor confidence in the U.S. markets.

Currently, Powell continues to perform his duties normally, with no official indications of being prematurely replaced. However, as the U.S. presidential election approaches, the political struggle over the leadership of the Federal Reserve is likely to continue fermenting.

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