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Trump on demoting Fed Chair Jerome Powell: ‘Let’s see what he does’

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President Donald Trump speaks to members of the media before boarding Marine One on the South Lawn of the White House in Washington, D.C. 

Al Drago | Bloomberg | Getty Images

President Donald Trump, asked if he still wants to demote Federal Reserve Chairman Jerome Powell, told reporters Tuesday, “Let’s see what he does.”

Trump’s remark came a day before the Fed was set to announce its next decision on interest rates.

Trump added that he wants a “level playing field” from the central bank.

Bloomberg News reported Tuesday morning that the White House had looked into demoting Powell in February. Top White House economic advisor Larry Kudlow told reporters that the Trump administration was not currently considering such a move.

The Fed will make a decision on interest rates on Wednesday at 2 p.m. ET, concluding a two-day meeting. The central bank is not expected to make any policy changes, but is investors are hoping for the central bank to signal a rate cut as soon as July. Powell will be holding a news conference Wednesday following the decision.

This is breaking news. Please check back for updates.

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