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Republicans divided over Powell's fate

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17.07.2025
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The Big Story

GOP split on whether Trump should fire Powell

Republican lawmakers are split over if President Trump should fire Federal Reserve Chair Jerome Powell, with some pushing him to nix the central bank head and others encouraging him to be patient.

© Getty

Trump indicated to some lawmakers that he plans to fire Powell during an Oval Office meeting Tuesday evening, a White official and a second source told The Hill.

But by Wednesday, the president was walking back some of his sentiments, telling reporters, “I don’t rule out anything but I think it’s highly unlikely. Unless he has to leave, fraud.”

The idea of Trump pursuing Powell’s removal before his term is up next year rattled the markets, causing them to dip Wednesday before finishing up. The Dow Jones Industrial Average rose half a percent on the day and the S&P 500 was up 0.3 percent. It was clear, as Trump has indicated before, his words have a real-time impact on stocks and bonds.

But it's unclear who is counseling Trump on the matter.

Sen. Mike Rounds (R-S.D.) was in the camp of believing that firing Powell was a bad idea, citing that markets are watching.

“No. Long term, the markets watch very carefully the independence of the Federal Reserve,” he told The Hill on Wednesday. “I think when the time comes to reduce interest rates – and I think the time is coming – I think the fact that he has maintained his credibility with the markets will help and will send a really positive message to the markets.”

The Hill's Alex Gangitano and Tobias Burns

© The Hill