US President Donald Trump on Wednesday threatened to fire Federal Reserve Chair Jerome Powell if he does not step aside at the end of his term in May and said the probe into the renovation of the central bank’s headquarters needs to continue. Trump and Powell have been embroiled in a spat over the latter’s reluctance to cut the central bank’s interest rate, despite repeated calls.&nbsp;Powell’s term expires on 15 May, but he is planning to remain in post until his successor, Kevin Warsh, is confirmed by the Senate.“Then I’ll have to fire him,” said Trump when asked about Powell’s plans to stay on in the job.“I’ve held back firing him. I’ve wanted to fire him, but I hate to be controversial,” Trump told Fox Business.&nbsp;Read Also: <a href="https://www.wionews.com/world/-operation-economic-fury-under-way-us-warns-of-secondary-sanctions-on-iran-oil-buyers-urges-freeze-on-irgc-funds-1776281898029">‘Operation Economic Fury under way’: US warns nations against buying Iranian oil, urges freeze on IRGC funds</a>&nbsp;Thom Tillis, an influential Republican senator on the committee which oversees nominations for the Federal Reserve chair, has threatened to block Warsh’s confirmation. If Warsh is not confirmed before Powell’s term expires, he plans to stay on temporarily in the post.“That’s what the law calls for. That’s what we’ve done on several occasions,” Powell has said.&nbsp;Tillis has warned that he will not let Warsh’s appointment go ahead unless a criminal investigation into the renovation of the Federal Reserve building against Powell is dropped.Trump said he was not prepared to have the probe into Powell dropped.&nbsp;Also Read: <a href="https://www.wionews.com/world/ran-threatens-shipping-in-persian-gulf-red-sea-and-gulf-of-oman-if-us-naval-blockade-continues-1776256812749">Iran threatens shipping in Persian Gulf, Red Sea, and Gulf of Oman if US naval blockade continues</a>&nbsp;“Don’t you think we have to find out what happened there? I have to find out,” he said.&nbsp;Meanwhile, Treasury Secretary Scott Bessent said on Wednesday that he is very optimistic of Warsh being&nbsp;confirmed before 15 May.Speaking at a White House press briefing, he said, “I am sure Senator Tillis wants to do the best thing for the Federal Reserve for the American people.”“He has publicly said Kevin Warsh is a great candidate for the chair, so let's get to the hearings and see where we are.”&nbsp;Also Read: <a href="https://www.wionews.com/world/-all-options-on-table-to-will-fail-iran-us-harden-stance-amid-possible-second-round-of-peace-talks-iran-us-war-updates-1776249974579">'All options on table' to 'will fail': Iran, US harden stance amid possible second round of peace talks</a>&nbsp;Trump has accused Powell of mishandling the Federal Reserve renovation, spending billions of dollars on a project which he suggested could have been carried out for tens of millions.Trump previously branded Powell a ‘knucklehead’ and claimed he was ‘doing a lousy job.’&nbsp;If Trump decides to fire Powell, it would be the first time a Federal Reserve chair has been fired.Trump appointed Powell to lead the Federal Reserve during his first term in 2017, praising his steady leadership, sound judgement, and policy expertise.

Federal Reserve Chair Jerome Powell’s term expires on 15 May, but he is planning to remain in post until his successor, Kevin Warsh, is confirmed by the Senate. If Trump decides to fire Powell, it would be the first time a Federal Reserve chair has been fired.

US President Donald Trump on Wednesday threatened to fire Federal Reserve Chair Jerome Powell if he does not step aside at the end of his term in May and said the probe into the renovation of the central bank’s headquarters needs to continue. Trump and Powell have been embroiled in a spat over the latter’s reluctance to cut the central bank’s interest rate, despite repeated calls. Powell’s term expires on 15 May, but he is planning to remain in post until his successor, Kevin Warsh, is confirmed by the Senate. “Then I’ll have to fire him,” said Trump when asked about Powell’s plans to stay on in the job. “I’ve held back firing him. I’ve wanted to fire him, but I hate to be controversial,” Trump told Fox Business. Read Also: ‘Operation Economic Fury under way’: US warns nations against buying Iranian oil, urges freeze on IRGC funds Thom Tillis, an influential Republican senator on the committee which oversees nominations for the Federal Reserve chair, has threatened to block Warsh’s confirmation. If Warsh is not confirmed before Powell’s term expires, he plans to stay on temporarily in the post. “That’s what the law calls for. That’s what we’ve done on several occasions,” Powell has said. Tillis has warned that he will not let Warsh’s appointment go ahead unless a criminal investigation into the renovation of the Federal Reserve building against Powell is dropped. Trump said he was not prepared to have the probe into Powell dropped. Also Read: Iran threatens shipping in Persian Gulf, Red Sea, and Gulf of Oman if US naval blockade continues “Don’t you think we have to find out what happened there? I have to find out,” he said. Meanwhile, Treasury Secretary Scott Bessent said on Wednesday that he is very optimistic of Warsh being confirmed before 15 May. Speaking at a White House press briefing, he said, “I am sure Senator Tillis wants to do the best thing for the Federal Reserve for the American people.” “He has publicly said Kevin Warsh is a great candidate for the chair, so let's get to the hearings and see where we are.” Also Read: 'All options on table' to 'will fail': Iran, US harden stance amid possible second round of peace talks Trump has accused Powell of mishandling the Federal Reserve renovation, spending billions of dollars on a project which he suggested could have been carried out for tens of millions. Trump previously branded Powell a ‘knucklehead’ and claimed he was ‘doing a lousy job.’ If Trump decides to fire Powell, it would be the first time a Federal Reserve chair has been fired. Trump appointed Powell to lead the Federal Reserve during his first term in 2017, praising his steady leadership, sound judgement, and policy expertise.

Federal Reserve Chair Jerome Powell’s term expires on 15 May, but he is planning to remain in post until his successor, Kevin Warsh, is confirmed by the Senate. If Trump decides to fire Powell, it would be the first time a Federal Reserve chair has been fired.&nbsp;

Trump threatens to fire Fed chair Powell if he doesn’t leave on time

The US Federal Reserve, led by Chair Jerome Powell, announced on Wednesday (Jan. 28) that the interest rate will remain steady. The decision on the central bank came after a two-day meeting. “In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 per cent,” FOMC said.&nbsp;The Federal Open Market Committee (FOMC) considers various economic indicators, such as inflation trends and labour market conditions, before announcing interest rates. The decision means the federal funds rate, which serves as a benchmark for interest rates across the country, remains at a range of 3.5 per cent to 3.75 per cent.&nbsp;&nbsp;Also read: <a href="https://www.wionews.com/world/us-vs-iran-america-offers-15mn-in-reward-for-information-about-the-irgc-s-oil-transfers-details-inside-1769516715631">US vs Iran: America offers $15mn in reward for ‘information about the IRGC's oil transfers’. Details inside</a>&nbsp;There were a total of 12 voting members in the committee. 10 of them voted in favour of the decision. Voting against were Stephen Miran, who continued his streak of dissents, and Christopher Waller, who is seen as a potential candidate to become the next Fed chair.&nbsp;Powell held a press conference after the announcement and said, “Available indicators suggest that economic activity has been expanding at a solid pace. Consumer spending has been resilient, and business fixed investment has continued to expand. In contrast, activity in the housing sector has remained weak."<h2>What was the impact of the shutdown?</h2>“The temporary shutdown of the federal government likely weighed on economic activity last quarter,” Powell said. “Our monetary policy actions are guided by our dual mandate to promote maximum employment and stable prices for the American people,” he added.&nbsp;“Most of the overrun in goods prices is from tariffs. And that's actually good, because if it weren't from tariffs, it might mean it's from demand, and you know, that's a harder problem to solve. We do think tariffs are likely to move through and be a one-time price, so most of the overshoot, if if you were to take that out, you'd get and you would, I mean inflation, core PCE, inflation is running just a bit above 2% x the effects of tariffs on goods,” Powell said.

The US Federal Reserve kept interest rates unchanged at 3.5–3.75 per cent, with Chair Jerome Powell saying the economy remains resilient despite a temporary government shutdown, weak housing activity, and tariff-driven inflation pressures.

The US Federal Reserve, led by Chair Jerome Powell, announced on Wednesday (Jan. 28) that the interest rate will remain steady. The decision on the central bank came after a two-day meeting. “In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 per cent,” FOMC said. The Federal Open Market Committee (FOMC) considers various economic indicators, such as inflation trends and labour market conditions, before announcing interest rates. The decision means the federal funds rate, which serves as a benchmark for interest rates across the country, remains at a range of 3.5 per cent to 3.75 per cent. Also read: US vs Iran: America offers $15mn in reward for ‘information about the IRGC's oil transfers’. Details inside There were a total of 12 voting members in the committee. 10 of them voted in favour of the decision. Voting against were Stephen Miran, who continued his streak of dissents, and Christopher Waller, who is seen as a potential candidate to become the next Fed chair. Powell held a press conference after the announcement and said, “Available indicators suggest that economic activity has been expanding at a solid pace. Consumer spending has been resilient, and business fixed investment has continued to expand. In contrast, activity in the housing sector has remained weak." What was the impact of the shutdown? “The temporary shutdown of the federal government likely weighed on economic activity last quarter,” Powell said. “Our monetary policy actions are guided by our dual mandate to promote maximum employment and stable prices for the American people,” he added. “Most of the overrun in goods prices is from tariffs. And that's actually good, because if it weren't from tariffs, it might mean it's from demand, and you know, that's a harder problem to solve. We do think tariffs are likely to move through and be a one-time price, so most of the overshoot, if if you were to take that out, you'd get and you would, I mean inflation, core PCE, inflation is running just a bit above 2% x the effects of tariffs on goods,” Powell said.

The US Federal Reserve kept interest rates unchanged at 3.5–3.75 per cent, with Chair Jerome Powell saying the economy remains resilient despite a temporary government shutdown, weak housing activity, and tariff-driven inflation pressures.

No change in interest rate: Here’s the outcome of US Federal Reserve meeting

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Trump threatens to fire Fed chair Powell if he doesn’t leave on time

No change in interest rate: Here’s the outcome of US Federal Reserve meeting