Fed up, President Trump threatens to fire Powell if he doesn’t leave Fed

U.S. President Donald Trump said Wednesday that he will fire Federal Reserve Chair Jerome Powell if Powell does not leave the bank after a new Fed chair is installed.

In an interview with Fox Business Network, Trump expressed hope that his nominee for Fed chair would be confirmed next week. When asked about an ongoing probe into Powell, Trump said the investigation needs to demonstrate incompetence and determine what happened.

Trump indicated he expects interest rates to decline once his nominee takes office at the Federal Reserve.