U.S. President Donald Trump has stated he currently has no plans to dismiss Federal Reserve Chair Jerome Powell, despite an ongoing criminal investigation into a $2.5 billion renovation project at the Fed’s headquarters. The probe, launched earlier this month, also examines whether Powell provided false testimony to Congress in 2025. 🏛️
"It’s Too Early to Decide"
In a recent interview, Trump emphasized he’s in a "holding pattern" regarding Powell’s future, adding it’s "too soon" to determine final actions. While ruling out Treasury Secretary Scott Bessent as a potential replacement, Trump hinted at former Fed Governor Kevin Warsh or White House economic advisor Kevin Hassett as successors. 💼
Powell Pushes Back
Powell confirmed the Department of Justice subpoenaed the Fed, calling the investigation a "pretext" to pressure him over interest rate policies. His term as chair expires in May 2026, but he remains a Fed Board member until 2028. 📉
Why It Matters
With global markets closely watching U.S. economic leadership, this high-stakes drama could impact everything from inflation rates to crypto trends. Stay tuned for updates as the probe unfolds! 🌐
