Trump says 'highly unlikely' to fire Fed chair Jerome Powell amid renovations

US President Donald Trump on Wednesday said he was not planning to fire Federal Reserve Board Chair Jerome Powell, but declined to rule out anything, citing an investigation into cost overruns on a $2.5 billion Fed renovation project.

Trump repeated his criticism of Powell for not lowering interest rates, but said he would focus on picking a replacement in a few months. Powell's term ends in May 2026.

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Asked if he ruled out firing Powell, Trump said: "I don't rule out anything but I think it's highly unlikely unless he has to leave for fraud."

His statement came after a course revealed that the president was open to the idea of firing Federal Reserve Chair Jerome Powell. Trump polled some Republican lawmakers on firing Powell and received a positive response, the source had said.

Meanwhile, republicans on the House Financial Services Committee are expected to meet with Federal Reserve Chairman Jerome Powell on Wednesday, a Semafor reporter said. The meeting will take place at 6pm (2200GMT), the reporter said on X.