Trump Considered Firing Federal Reserve Chairman Powell – Coincu

U.S. President Trump denied plans to dismiss Federal Reserve Chairman Powell but criticized media reports suggesting otherwise. Discussions within the White House included legal reviews of options for firing Powell after Trump’s criticism of the Fed.

White House Discussions on Fed Chair’s Future Halted

In the face of criticism directed at Federal Reserve Chairman Jerome Powell, President Trump considered his dismissal, engaging senior officials and White House legal teams to explore potential options. However, intervention by senior government officials, including Treasury Secretary Steven Mnuchin and Commerce Secretary Wilbur Ross, led to the cessation of these discussions.

“I have no plans to fire Jerome Powell, and the media is misrepresenting the situation.” – Donald J. Trump, U.S. President, ChainCatcher News.

Market responses to these events were limited, with no official statements or direct financial market impacts reported. Despite the tense political atmosphere, no reactions were noted within the cryptocurrency market, as confirmed by major crypto analysis outlets.

Minimal Market Impact Despite Potential Turmoil

Did you know? Historically, no sitting U.S. president has successfully removed a Federal Reserve Chairman, highlighting the legal protections surrounding the role to maintain monetary stability.

Ethereum (ETH) is currently valued at $1,789.54, with a market cap of $216.02 billion. Over the past 24 hours, volume surged by 68.06% to $28.41 billion, showing an 8.44% increase in price. Notably, Ethereum’s dominance stands at 7.37%, based on data from CoinMarketCap.

Market analysts from Coincu suggest that the financial ecosystem remains resilient despite political controversies. Historical precedence indicates that while presidential criticism of the Fed can create temporary market ripples, its influence on cryptocurrencies tends to be limited unless accompanied by concrete policy changes. Market analysts also consider Trump’s stance on cryptocurrencies an important factor.