U.S. President Donald Trump confirmed on Tuesday that he does not intend to fire Federal Reserve Chairman Jerome Powell, stating that he 'has no intention' of doing so.
Trump harshly criticized Powell last week for what he described as the Federal Reserve's 'too late' stance on lowering interest rates, but the president's sharp attack led to a decline in stock and bond prices, as investors feared that the independence of the Federal Reserve was at risk.
Trump said during the inauguration ceremony of the new Chairman of the Securities and Exchange Commission: "I hope to see Powell more active in implementing his idea of lowering interest rates, it's the perfect time to lower interest rates."
The day before, Trump described Powell as a 'big loser' and urged him to cut interest rates 'immediately' in a post on 'Truth Social', which resulted in a sharp decline in stock prices on Monday.