Trump says he has “no intention of firing” Federal Reserve chief Jerome Powell

President Trump said Tuesday he has “no intention of firing” Federal Reserve chair Jerome Powell, one day after the president called Powell a “major loser” and publicly lobbied the central bank chief to lower interest rates at a faster clip.

When asked by reporters in the Oval Office if he has any plans to fire Powell, Mr. Trump said he “never did” and claimed “the press runs away with things” — though he once again pressed Powell to cut interest rates, which remain elevated after the Fed hiked rates to quell inflation.

“This is a perfect time to lower interest rates,” Mr. Trump said. “If he doesn’t, is it the end? No, it’s not. But it would be good timing.”

Last week, Mr. Trump argued in a social media post that Powell is “always TOO LATE AND WRONG,” and said his “termination cannot come fast enough,” drawing speculation that the president could try to oust Powell before his term ends next year.

This is a breaking story. It will be updated.